The Conference Board Consumer Index has further dropped in April, after a sharp decline in March.
The index is currently at 86.9, compared to 118.8 in March. The Present Situation Index, which is based on consumers’ assessment of current business and labor market conditions, has also dropped considerably from 166.7 to 76.4.
“The 90-point drop in the Present Situation Index, the largest on record, reflects the sharp contraction in economic activity and surge in unemployment claims brought about by the COVID-19 crisis,” said Lynn Franco of The Conference Board. “… consumers were less optimistic about their financial prospects and this could have repercussions for spending as the [COVID-19] recovery takes hold.”
