US consumer confidence declined for the third straight month in April, reflecting growing concerns about business conditions and income prospects.
The US Consumer Confidence Index fell to 97 in April from 103.1 in March, marking a notable decrease in sentiment.
Consumers are prioritizing cutting back on discretionary purchases like clothing and fashion items amid economic uncertainty.
The present situation index, reflecting current business and labor market conditions, decreased to 142.9, indicating a slight downturn in sentiment.
The expectations index, based on short-term outlook, fell to 66.4, reflecting concerns over future business conditions and income expectations.
Growing pessimism among consumers is evident in their expectations for short-term business conditions, labor market, and income prospects.
According to Dana M Peterson, chief economist at The Conference Board, consumer confidence dipped in April due to concerns about the labor market and future business conditions.
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