28 Apr
Consumer Confidence in U.S. Jumps More Than Forecast
Consumer confidence jumped more than forecast in April as stocks rallied, mortgage rates dropped and Americans thought more jobs will become available, adding to signs the recession may be easing.
The Conference Board’s sentiment index climbed to 39.2, the highest level since November, from 26.9 in March, the New York- based research group said today. The gain was the biggest since November 2005.
The improvement raises the odds that recent gains in consumer spending, which accounts for 70 percent of the economy, will be sustained. The report indicates efforts by Federal Reserve policy makers, meeting today and tomorrow, to lower borrowing costs and unclog lending may be starting to pay off.
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