Haven't Yet Seen Brunt of Energy Price Pressures in Data, Says Lindsey Piegza

Lindsey Piegza, Chief Economist at Stifel, discusses the US economic backdrop as consumers maneuver around war-driven, high energy prices. US consumer confidence unexpectedly edged up in April to the highest this year as Americans grew more hopeful about the outlook for the labor market. The Conference Board’s gauge increased to 92.8, from 92.2 in March, data out Tuesday showed. The median estimate in a Bloomberg survey of economists called for a reading of 89. A measure of expectations for the next six months climbed in April, while a gauge of present conditions ticked lower. The improvement in confidence, despite broader concerns tied to higher costs and war in the Middle East, may reflect a fragile ceasefire between the US and Iran and signs of stabilization in the labor market. Hiring rebounded in March and more recent data point to limited layoffs. (Source: Bloomberg)