US consumer confidence drops as housing market stabilizes.

US consumer confidence dropped to a nine-month low in April, with worries about the future mounting and the share of Americans planning to buy major household appliances over the next six months falling to the lowest level since 2011. The drop in confidence reflects a deterioration in expectations for consumers under 55 years and households earning $50,000 and over annually, suggesting a broadening in concerns about the economy beyond low-income households. However, new home sales jumped 9.6% in March, the highest level since March 2020, and single-family home prices increased in February after seven straight monthly declines, indicating that the housing market has bottomed out.