There was good news for the beleaguered US economy this afternoon, with a key indictor showing an uptick in consumer confidence for April. The closely watched Conference Board's consumer confidence index rose to 81.0 in April from a revised 61.4 in March. This is first increase in the index in five months. Confidence is at the highest level since November and this was the largest increase in the index since March 1991, following the swift end of the Persian Gulf War.
The increase in consumer confidence was larger than expected with analysts forecasting a rise to 70.4 in April. March consumer confidence was revised down slightly from the initial estimate of 62.5. "The swift outcome in the Middle East has helped quell consumers' short-term concerns," said Lynn Franco, director of The Conference Board's Consumer Research Centre. ////www.fxcentre.com