Consumer's confidence in their economic outlook remained largely steady in April, after experiencing a moderate decline in March.
The Consumer Confidence Survey conducted by the Conference Board fell to 69.2 from 69.5 recorded in March. The number of Americans who believe business conditions improved rose in April, climbing from 14.3 to 15.3 percent. Optimism in the business sector may be due to the Treasury Department's recent report that noted the Small Business Lending Fund expanded its lending by more than $500 million during the fourth quarter. A large percentage of the funds were devoted to community bank and credit union programs that support small businesses to prop up the economy, the Washington Post reports.
However, consumer sentiment in the labor market fell. The number of individuals who think more jobs will be added to the economy decreased from 17.4 to 16.9 percent. The percentage of consumers who expect an increase in their income also fell from 15.5 to 14 percent.
"Consumer Confidence was virtually unchanged in April, following a modest decline in March," said Conference Board Consumer Research Center director Lynn Franco. "As was the case last month, the slight dip was prompted by a moderation in consumers' short-term outlook, while their assessment of current conditions continued to improve. Overall, consumers are more upbeat about the state of the economy, but they remain cautiously optimistic."