Economic Buzz: US consumer confidence inches up in April

U.S. consumer confidence rose modestly in April despite growing anxiety over surging energy prices caused by the ongoing conflict in the Middle East, according to data released by The Conference Board on Tuesday.

The Conference Board Consumer Confidence Index edged up by 0.6 points to 92.8 (1985=100) in April, from 92.2 in March's upwardly revised reading.

The Present Situation Index?based on consumers' assessment of current business and labor market conditions?retreated by 0.3 points to 123.8.

The Expectations Index?based on consumers' short-term outlook for income, business, and labor market conditions?rose by 1.2 points to 72.2. The survey period for this month's preliminary results was April 1?22, a period that included the temporary two-week ceasefire in the Middle East conflict beginning April 8 and the subsequent rebound in US equities.

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