Consumer Confidence Plunges to Six-year Low
April 28, 2020
U.S. consumer confidence cratered this month, as Americans grapple with massive job losses and widespread economic shutdown. The index dropped more than thirty points, down to 86.9 in April from 118.8 in March. The index consists of consumers’ feelings about the state of current economic conditions and their expectations for the future.
The present conditions index saw an unprecedented 90 point drop, falling to 76.4 in April from March’s 166.7. As one would expect, consumers’ opinions of the job market fell dramatically, with 33.6% of respondents saying jobs are “hard to get,” as compared to just 13.8% who felt the same way last month.
One bright spot in the report was the improvement of consumers’ outlook on the future. This rose slightly from the month before, up to 93.8 in April from 86.8 in March.