US consumer confidence rebounds to April's levels, Conference Board says

American consumers were unexpectedly more upbeat at the end of 2022, the results of a survey revealed.

The Conference Board's consumer confidence index jumped from a reading of 101.4 for November to 108.3 in December - its highest reading since the previous April.

That was better than the dip to 101.0 expected by economists.

The Present Situation Index rose from 138.3 to 147.2 while the Expectations Index increased from 76.7 to 82.4.

"The Present Situation and Expectations Indexes improved due to consumers’ more favorable view regarding the economy and jobs. Inflation expectations retreated in December to their lowest level since September 2021, with recent declines in gas prices a major impetus," Lynn Franco, Senior Director of Economic Indicators at The Conference Board.

"Vacation intentions improved but plans to purchase homes and big-ticket appliances cooled further. This shift in consumers' preference from big-ticket items to services will continue in 2023, as will headwinds from inflation and interest rate hikes."

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