‘Feeble’ growth feeds consumer insecurity

Consumer confidence continued to head south this month as economic turmoil caused by a weak job market and high gas prices persisted. The Conference Board Consumer Confidence Index fell to a reading of 62.3 for April, down from 65.9 in March. The Present Situation Index, which measures how shoppers feel about the economy, decreased to 80.7, from 90.6 in March. “This continued weakening suggests that not only has the feeble level of growth in the first quarter spilled over into the second quarter but that economic conditions may have slowed even further,” Lynn Franco, director of the New York-based Conference Board Inc.’s Consumer Research Center, said in a statement. “Not only are lackluster business and job conditions eroding confidence, but rising gasoline prices are undoubtedly heightening concerns.” The Expectations Index, which measures shoppers’ outlook over the next six months, increased slightly to 50.01, from 49.4 last month.