Consumer Confidence Is Still Climbing : Economy: Analysts say April index shows Americans unshaken by interest rate hikes or market fluctuations.

Consumer confidence continued to rally in most of the nation this month, despite hitting a plateau in the West Coast and falling in New England, the Conference Board reported Tuesday.

Overall, Americans expressed growing optimism about jobs and business conditions, as well as “somewhat more positive” expectations for the future, according to the New York-based business research group.

“Latest consumer confidence readings continue to be optimistic, running at levels which have historically signaled a strong economy,” said Fabian Linden, executive director of the board’s Consumer Research Center.

The Conference Board said its consumer confidence index, based on a survey of 5,000 households, jumped 5 points to 91.7 in April. That score was 24 points higher than a year ago and the highest reading since 101.7 in July, 1990.

The survey suggests Americans have not been shaken by rising interest rates or the recent gyrations in financial markets, analysts said.

In addition, workers feel better about the jobs outlook, following a flurry of highly publicized layoffs in 1993 and early 1994 and continuing efforts by corporate America to slash costs.

“The big bugaboo out of the way is concern about jobs and the labor market,” said Gary Ciminero, chief economist at Fleet Financial Group, a large New England bank. “Consumers are seeing opportunities for re-employment.”

Many economists believe consumer confidence provides a clue to future levels of business activity, and the sharp increase in the index could be seen as increasing the risk of inflation.

As a result, news of the survey was greeted warily on Wall Street, where some traders worried it would prompt the Federal Reserve Board to hike interest rates for the fourth time this year.

But inflation fears were offset by a Labor Department report highlighting an unusually small rise in labor costs for the year ended March 31. Short-term interest rates rose Tuesday, but long-term rates fell.

The upswing in confidence is not uniform. The Midwest and Rocky Mountain states showed sharp gains, while confidence fell in New England.

On the West Coast the April score was virtually the same as in March, slipping to 67.1 from 68.8.

Nationally, fewer people in April described jobs as “hard to find” than in March. Similarly, a smaller number said they believed business conditions will worsen in the next six months.

Times wire services were used in compiling this report.