US Consumer Confidence Rises to Pre-Pandemic Levels
Updated: Apr 28, 2021
What Happened:
On Tuesday, the Conference Board reported that US consumer confidence has risen sharply for the second straight month to 121.7 in April (up from 109.0 in March), the highest number since the pandemic began last year.
The rapid vaccine rollout, the additional financial support passed by Congress in the last Covid Relief Bill and an improving job market are credited with the increase in US consumer optimism. The Expectation Index, an index which measures consumer expectations for the economy over the next six months, also saw a mild increase from 108.3 last month to 109.8 in April.
Overall, economists are optimistic that the increase in consumer confidence will help boost economic growth and keep the economy on track for a recovery.
However, despite the positive trends, some economists are concerned that a sudden increase in consumer demand may lead to a burst of inflation, a concern that Wall Street also shares.
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