Consumer Confidence Report Continues At High End Of Consensus Range

The consumer confidence report is showing no wear from high levels, coming in at 128.7 in April and at the high end of the consensus range. Details are very positive led by yet another very low reading for jobs-hard-to-get, down 5 tenths to 15.2 percent in a result that will help lift expectations for strength in the April employment report. Another important reading is a decline in income pessimism as only 6.0 percent see their incomes falling which is a 17-year low.

Buying plans are special positives of the April report including big gains for autos, where sales had already popped up strongly in March, and also housing where this week's data are confirming strength. Inflation expectations, however, remain unchanged at 4.7 percent which is low for this reading.

One note is declining optimism in the stock market: only 32.7 percent see shares rising over the next year which has steadily eroded since a 51.0 percent peak in January. But optimism in fact, whether for the jobs market or income, is the clear takeaway from today's report.