Reported by Star-Bulletin staff & wire
Tuesday, April 28, 1998
Consumer confidence nears 29-year high
NEW YORK -- Consumer confidence bounced back in April, nearing a 29-year high as Americans regained their optimism that the U.S. economy will continue to grow at a healthy pace.The Conference Board reported today that its index of consumer confidence rose to 136.7 in April from a revised 133.8 in March. April's figures topped Wall Street analysts' expectations for the month. The index reached 137.4 in February, its highest level since June 1969.
Consumer sentiment is important because consumer spending accounts for two-thirds of the nation's overall economic activity.
Japan's jobless rate rises to postwar record
TOKYO -- Japan's jobless rate surged to another postwar record in March, as retail sales plunged and manufacturers made fewer cars, conveyors and cranes.Japan's unemployment rate jumped to a record 3.9 percent in March, up from 3.6 percent in February. Manufacturers and contractors also hired fewer workers as the jobs-to-applicant ratio fell to 0.58 from 0.61 in March -- a 15-year low. That came as automobile, steel and machinery makers trimmed output 1.9 percent in March from February amid sliding sales and exports.
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