Consumer confidence unexpectedly rose in April south of the border, to the second-highest level since 2000 as Americans grew more upbeat about both current conditions and the economic outlook.
Figures released Tuesday by the U.S. Conference Board revealed Tuesday that the confidence index rose to 128.7 (est. 126) from 127 in March.
The present conditions measure advanced to 159.6 from 158.1
A bigger share of respondents expect to purchase big-ticket items including cars and major appliances within six 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 labour differential, which measures the gap between respondents saying jobs are plentiful and those who say they’re hard to get, narrowed to 22.9 percentage points, a three-month low.
Bigger after-tax paychecks and a still-strong job market -- with the lowest unemployment rate since 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 lofty levels seen in the past year.
