Consumer Confidence in Economy Improves

Consumer confidence in the economy's prospects improved in early April even as gasoline prices and borrowing costs marched higher.

The RBC CASH (Consumer Attitudes and Spending by Household) Index, based on results from the international polling firm Ipsos, showed confidence at 89.4 in early April, up from March's 86.2. The new reading also was better than a year ago, when consumer confidence clocked in at 84.5.

"It's a positive sign," said Stuart Hoffman, chief economist at PNC Financial Services Group.

Overall, consumers are in a generally good frame of mind, economists said.

"I think we can take heart in the fact that even with all the worries _ about energy prices, higher interest rates and a slowing housing market _ confidence moved higher," said economist Ken Mayland, president of ClearView Economics.

Analysts track consumer confidence for clues about consumers' willingness to spend, an important force shaping the country's economic health.

The confidence index is benchmarked to a reading of 100 on January when Ipsos started the gauge.

One of the things consumers feel really good about is the jobs climate, the Ipsos results suggested.

A measure tracking consumers' sentiments on this front jumped in early April to 124.5, the highest on record. In March consumers' feelings about jobs came in at 118.5, a buoyant reading. A year ago, this gauge stood at 116.2.

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