US consumer confidence dips as economy slows

Consumer confidence declined to a six-week low as Americans took a less favorable view of their finances and the slowdowns at factories and oilfields soured attitudes among men.

The Bloomberg Consumer Comfort Index fell to 44.7 in the period ending April 26th, the third consecutive drop, from 45.4 the prior week.

Sentiment among men showed one of the biggest decreases in the past four years, while confidence in the Midwest slumped by the most in more than a decade.

"The CCI's decline among men was accompanied by softening growth in the traditionally male-dominated manufacturing sector, with export orders declining," Gary Langer, president of Langer Research Associates LLC in New York, which produces the data for Bloomberg, said in a statement.

“Jobs in manufacturing have languished for two months, with mining down significantly this year.”

The results come on the heels of government data Wednesday that showed the economy came to a near-halt in the first quarter as business investment and exports slumped.

Hopes for a strong rebound have also dimmed as the plunge in oil prices may keep depressing energy-related capital spending and hiring, while the stronger dollar will hurt overseas sales of US-made goods.

Gross domestic product rose at a 0.2 per cent annualised rate from January through March, after advancing 2.2 per cent the prior quarter, according to the Commerce Department.

- Bloomberg