Stat of the Day: Consumer Confidence Soars

The Conference Board reported today that Consumer Confidence soared in April to 39.2 from 26.9 in March. Some how expectations were only 29.5 which seems incredibly low considering the huge market rally and stabilization in the economy in general. Considering the index remains below the year ago levels of 62.8, consumers have a long way to go just to get to those depressed levels.

Though this report typically has little value because it measures how consumers feel and not how they spend it is encouraging that the Expectations Index soared showing that consumers have become a lot more confident about the future.

• The New York-based Conference Board said Tuesday that its Consumer Confidence Index rose more than 12 points to 39.2, up from a revised 26.9 in March. The reading marks the highest level since November's 44.7 and well surpasses economists' expectations for 29.5.

• The huge jump in confidence follows a small increase in March, following a freefall in February. Still, the index remains well below year-ago levels of 62.8.

• The April gains were fueled by "a significant improvement in the short-term outlook," Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement.

• The Present Situation rose slightly to 23.7 from 21.9 last month. The Expectations Index, which measures how shoppers feel about the economy over the next six months, skyrocketed to 49.5 from 30.2 in March.