WASHINGTON (AP) — Americans' confidence in the economy jumped this month, helped by a better outlook for the job market and expectations for higher pay.
The Conference Board, a New York-based private research group, said Tuesday that its consumer confidence index rose to 68.1 in April. That's up from a reading of 61.9 in March, bringing the index back to its February level.
Consumers' confidence in the economy is watched closely because their spending accounts for about 70 percent of U.S. economic activity.
Despite several brief spikes, the confidence index remains well below the 90 reading that indicates a healthy economy — a level it hasn't reached since the Great Recession began in December 2007.
The April gain in confidence was driven by greater expectations for growth in hiring and income over the next six months.
Confidence fell sharply in March, coinciding with a weak month of job creation. Employers added just 88,000 jobs in March, down than the previous four months when job growth averaged 220,000 a month.
But many economists say the slowdown was temporary and that hiring likely picked up this month. The Labor Department releases its April employment report Friday. Economists forecast that employers added 160,000 jobs.