US consumer confidence inches higher despite Middle East crisis

(Sharecast News) - Consumer confidence in the United States edged higher in April despite surging prices as geopolitical tensions escalated across the Middle East, according to a closely followed survey from the Conference Board on Tuesday. The Consumer Confidence Index rose to 92.8 this month, up from an upwardly revised 92.2 in March, the Conference Board said.

The Present Situation Index, which tracks consumer opinions about current business and labour market condition, fell 0.3 points to 123.8, while the Expectations Index, assessing the short-term outlook for income, business, and labour market conditions, rose 1.2 points to 72.2.

Notably, the survey was conducted between 1-22 April, a period that included the temporary two-week ceasefire between the US and Iran which began on 8 April.

"Consumer confidence edged up in April but was overall little changed, despite material concern about rising gasoline prices as the war in the Middle East prompted a surge in Brent crude oil prices," said the Conference Board's chief economist Dana Peterson.

"Consumer appraisals of current and expected business conditions declined moderately compared to last month. This was offset by modest improvements in consumers' perceptions of the labour market, both current and expected, as well as income expectations, which were slightly more optimistic in April."