“Americans appear to think the economy is headed in the right direction and it’s not just all talk because their greater confidence is leading them to buy more new homes,” said Chris Rupkey, chief economist at MUFG in New York. “Everywhere you look confidence seems to be a rising tide that will lift all the boats.” The Conference Board said its consumer confidence index increased to a reading of 128.7 this month from a downwardly revised 127.0 in March. The index was previously reported at 127.7 in March. Confidence raced to more than a 17-year high of 130.0 in February.
U.S. consumer confidence, housing data highlight economy's strength
U.S. consumer confidence rebounded in April and new home sales increased more than expected in March, pointing to underlying strength in the economy despite signs that growth slowed in the first quarter. Other data on Tuesday also showed house prices increasing solidly in February. Strong consumer confidence and rising house prices should underpin consumer spending, which appears to have braked sharply at the start of the year.
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