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A new report says you probably aren’t feeling very confident about the state of the economy. But you might feel even less confident by the end of the week.

A slew of economic reports coming out could tell Americans where the economy is headed.

Today’s report on economic activity from the Commerce Department tops the list. And on Friday, the Labor Department will provide a look at the employment situation. In between, reports will give snapshots on manufacturing and construction activity and how much Americans are making and spending.

But a report released Tuesday already says Americans have a dour outlook for the economy.
The Conference Board said Tuesday that its consumer confidence index fell to 62.3 in April, the lowest reading for the index since it registered 61.4 in March 2003. Consumer sentiment is closely watched because consumer spending accounts for more than two-thirds of the nation’s economic activity.

It was the fourth straight month the index has declined as consumers grapple with a slowing economy, growing job losses, declines in the value of their houses and rising prices for food and fuel.

"There isn’t a lot for the consumers to be optimistic about," Gary Thayer, senior economist at Wachovia Securities in St. Louis.

Consumer sentiment probably won’t be buoyed by today’s report from the Commerce Department on economic activity in the first three months of the year.

Most economists surveyed by Bloomberg News think the nation’s gross domestic product grew at a 0.2 percent annual rate in the first three months of the year.

Although that number appears to be anemic, it is at least showing growth. Some economists think the report will show a negative number, indicating that the economy contracted in the period and has entered a recession.

But even if the number is positive, it will just follow a pattern of declining economic growth, which started in the last three months of 2007, that most economists expect will end with a recession during this year.

According to the Conference Board, the private research group that conducts the monthly survey for businesses, most consumers share the sentiment that there will be little improvement in the economy’s condition in the near term. The index component that gauges shoppers outlook over the next six months was little changed at 50.1, compared to 49.4 in March.

"This continued weakening suggests that not only has the feeble level of growth in the first quarter spilled over into the second quarter, but the economic conditions may have slowed even further," Lynn Franco, director of the Conference Board Consumer Research Center http://paydayloans-on.com payday loan online. "And not only are lackluster business and job conditions eroding confidence, but rising gasoline prices are undoubtedly heightening concerns."

Franco noted that consumers’ worries about inflation are still rising. That’s a blow to retailers, which have struggled as shoppers grow cautious with their money.

It, however, is hard to dissuade consumers, considering gasoline prices are now nearing $3.60 a gallon and the prices of food items are climbing.

Besides soaring gas and food bills, consumers are seeing only meager wage gains.

A government report on Thursday is expected to show personal income grew 0.3 percent in March, just keeping up with the 0.3 percent increase in consumer prices also recorded that month.

A deteriorating labor market has been holding wages down. On Friday, the Labor Department is expected to report that 80,000 jobs were cut from U.S. payrolls in April and that the unemployment rate has risen to 5.2 percent.

Employers cut an estimated 232,000 jobs in the first three months of the year.

These figures have consumers worrying about their own job security.

The Conference Board said the percentage who said jobs are "hard to get" rose to 27.9 percent from 24.5 percent, while those claiming work is "plentiful" declined to 16.6 percent from 19.2 percent.

Their outlook on that front, however, was mixed, as both the percentage expecting fewer jobs as well as those anticipating more jobs in the months ahead increased. The proportion of consumers expecting their incomes to rise fell.

The decline in consumer confidence is the latest pressure point put on Washington to do something about the economy.

The government this week began direct-depositing economic stimulus checks as part of an effort to jump-start the economy.

The tax rebates, which are expected to reach 130 million households, range up to $600 for an individual and $1,200 for married couples plus $300 for eligible children younger than 17.

The rebates were the centerpiece of the government’s $168 billion economic stimulus package enacted in February and are designed to bolster consumer spending and lift the economy out of the doldrums.

Thayer, the Wachovia analyst, noted that while the plan will offer some relief, it won’t be a cure-all.

He said consumers need to see gas and food prices drop and a recovery in the job market before their mood improves.

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