US consumer confidence weakens slightly in April

ANKARA

US consumer confidence fell slightly in April after a modest increase a month ago, according to data the Conference Board released Tuesday.

The Consumer Confidence Index, which predicts consumer spending and economic activity, dropped to 107.3 in April from 107.6 in March.

Lynn Franco, senior director of economic indicators at the Conference Board, said: "Inflation and the war in Ukraine will continue to pose downside risks to confidence and may further curb consumer spending this year."

The Present Situation Index, based on consumers’ assessment of current business and labor market conditions, fell to 152.6 from 153.8 last month.

On the other hand, the Expectations Index, based on consumers’ short-term outlook for income, business, and labor market conditions, ticked up to 77.2 from 76.7.

Franco pointed out that expectations, while still weak, did not deteriorate further amid high prices and the war in Ukraine.

"Vacation intentions cooled but intentions to buy big-ticket items like automobiles and many appliances rose somewhat,” she added.