Highlights
The consumer's assessment of the jobs market improved substantially pointing to strength for April employment data. But holding back the Conference Board's report is a no better than mixed assessment of future conditions. Still, buying plans are up and inflation expectations have moderated indicating that the effects of the price shock in oil may be limited.

The index came in a little higher than expected at 65.4, up 1.6 points from March's revised 63.8. Outside of February's 72.0, April is the best reading of the recovery. A big headline is a 2.6 point drop in those saying jobs are currently hard to get to 41.8. This is the lowest reading in more than two years. In an offset, though, fewer see more jobs six months from now, at 17.5 percent vs March's 19.6 percent and February's 21.2 percent. But in another twist, more see their income increasing six months out, 16.7 percent vs 15.2 in March.

In a reading that will be especially well received at the Federal Reserve, one-year inflation expectations moderated to 6.3 percent from the giant 6.7 percent reading in March. Markets are showing no significant initial reaction to this report which however may help the stock market through the session.

Market Consensus before announcement
The Conference Board's consumer confidence index in March fell 8.6 points to 63.4, erasing two months of improvement. Geopolitical uncertainties in Libya and the Middle East and higher prices for gasoline and food continue have begun to make consumers nervous. But nerves appear to have calmed a bit as seen in a modest gain in the University of Michigan's consumer sentiment index for mid-April.

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