April Consumer Confidence Up

The New York-based Conference Board said its Consumer Confidence Index rose more than 12 points to 39.2, up from a revised 26.9 in March. The reading marks the highest level since November’s 44.7 and well surpasses economists’ expectations for 29.5, the Associated Press.

The consumer confidence survey showed a substantial improvement in consumers’ short-term outlook, including even their assessment of the job picture. A housing index showed that home prices dropped sharply in February, but for the first time in 25 months the decline was not a record, another sign the housing crisis could be bottoming.

The consumer confidence survey showed that those anticipating business conditions will worsen over the next six months declined to 25.3% from 37.8%, while those expecting conditions to improve increased to 15.6% from 9.6% in March.

The employment outlook was also considerably less pessimistic. The percentage of consumers anticipating fewer jobs in the months ahead declined to 33.6% from 41.6%, while those expecting more jobs increased to 13.9% from 7.3%.