Consumer Confidence Climbs to Nearly Pre-Pandemic Level
April 28, 2021
Consumer confidence saw a big jump in April, marking the fourth straight month of gains as vaccine distribution accelerates, business restrictions lift, and stimulus payments hit consumers’ bank accounts.
The Conference Board’s consumer confidence index rose to 121.7 in April, up sharply from 109 in March. This is the highest level in more than a year and puts the index within arm’s reach of the pre-pandemic level of 132.6 from February 2020.
The present situation index, which gauges consumers’ about current business and labor conditions, surged to 139.6 in April, up nearly 30 points from April.
Economists feel the continued rise in consumer confidence bodes well for consumer spending in the morning months. Consumer spending accounts for roughly 70% of the nation’s GDP, so robust spending will be an important part of the post-pandemic recovery.