U.S. consumer confidence rebounded in April after hitting in March its lowest level in a year, boosted by stock market gains and modest job market improvement, a research group said on Tuesday.
Investor's Business Daily and TechnoMetrica Market Intelligence said their IBD/TIPP Economic Optimism Index rose to 48.4 in April from March's reading of 45.4.
Readings above 50 indicate optimism, while those below 50 point to pessimism.
Last month marked the gauge's lowest level since March 2009. It now stands exactly at its 12-month average and 4 points higher than the 44.4 level IBD reported in December 2007 when the recession began.
Reports of a 162,000 jump in jobs for March certainly aided consumers' perception of a modest improvement in the economy, said Terry Jones, associate editor of Investor's Business Daily.
No doubt, the Dow Jones industrial average's flirtation with the 11,000 level for the first time since late 2008 also gave the economy a shot in the arm Jones said.
The IBD/TIPP surveys more than 900 adults generally in the first week of the month. The survey has a margin of error of plus or minus 3.3 percentage points.
(Reporting by Camille Drummond, Editing by Chizu Nomiyama)