2018.04.2501:02:00UTC+00U.S. Consumer Confidence Bounces Back in April

U.S. consumer confidence bounced back in April and new home sales grew in March, indicating underlying strength in the economy.

Separate data showed house prices rose strongly in February. Upbeat consumer confidence and increasing house prices should support consumer spending.

The Conference Board's measure of consumer confidence increased to 128.7 this month, up from 127 in March. Consumer confidence fell in March, breaking a two-month streak of gains.

Consumers' short-term expectations also improved in April, with the share of those expecting their incomes to decline over the coming months reaching its lowest level since December 2000. However, the survey's so-called labor market differential, derived from data on respondents' views on whether jobs are plentiful or hard to get, fell to 22.9 from 23.8 in March.

That measure closely correlates to the jobless rate in the Labor Department's employment report. The unemployment rate has remained at 4.1 percent for six consecutive months.

The economy added 103,000 jobs in March, the fewest in six month. Though economists shrugged off the modest job gains as payback after February's outsized increase in hiring, they also acknowledged that employment growth was slowing.

Consumer confidence has remained strong despite stock market volatility, which was in part triggered by fears of a trade war between the United States and China, as well as geopolitical worries.

U.S. financial markets were little moved by the data.