US Families Home-buying Plans Hit Record, Consumer Confidence Jumps
Consumer confidence rose in April to the 2nd-highest mark since Y 2000 as Americans grew more upbeat about both current conditions and the economic outlook, according to figures Tuesday from the New York-based Conference Board.
|Highlights of April Consumer Confidence Report|
The Key Takeaways
A bigger share of respondents expect to purchase big-ticket items including cars and major appliances within 6 months, while a record 7.8% of respondents said they plan to buy a home.
That will support both consumer spending, the biggest part of the economy, as well as housing prices that are already handily outpacing wage gains amid tight supplies.
At the same time, the April report from the Conference Board showed the labor differential, which measures the gap between respondents saying jobs are plentiful and those who say they’re hard to get, narrowed to 22.9%, a 3-month low.
Bigger after-tax paychecks and a still-strong job market with the lowest unemployment rate since Y 2000, are helping to sustain sentiment.
The latest results contrast with other signs that consumer and business confidence measures, while still fairly high, are coming off the marks seen in the past year.
Our view: Confidence levels remain strong and suggest that the economy will continue expanding at a solid pace in the months ahead.
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