U.S. consumer confidence tumbled to near a six-year low in April as tough measures to curb the spread of the novel coronavirus sharply disrupted economic activity and threw millions of Americans out of work.

The Conference Board said its consumer confidence index dropped to a reading of 86.9 this month, the lowest since June 2014, from 118.8 in March. Economists polled by Reuters had forecast the index would fall to 87.9 in April.

The Conference Board survey's present situation measure, based on consumers' assessment of current business and labor market conditions, tumbled a record 90 points to a reading of 76.4 this month. But the expectations index, which is based on consumers' short-term outlook for income, business and labor market conditions, increased to 93.8 from a reading of 86.8.

The Conference Board attributed the improvement in expectations to "the possibility that stay-at home restrictions will loosen soon, along with a re-opening of the economy."

States and local governments have issued "stay-at-home" or "shelter-in-place" orders affecting more than 90 percent of Americans to control the spread of COVID-19, the respiratory illness caused by the virus, and almost shutting down the country. Some have started to reopen their economies, while others have started easing some restrictions on movement.

U.S. exports sink

Other data on Tuesday showed the global pandemic was severely limiting the flow of goods between countries, with exports from the United States collapsing and imports from other nations continuing to decline. The reports strengthened economists' views that the economy was in a deep recession.

The government is scheduled on Wednesday to publish its snapshot of first-quarter gross domestic product. According to a Reuters survey of economists, GDP likely contracted at a 4.0 percent annualized rate in the January-March quarter, which would be the steepest pace of decline since the Great Recession and end a record 11 straight years of growth. The economy grew at a 2.1 percent rate in the fourth quarter.

"The deeper the hole the economy digs, the harder it is going to be for consumers and businesses to climb back out," said Chris Rupkey, chief economist MUFG in New York. "World trade volumes are going to come off further this year which reminds us of the Great Depression."

Stocks on Wall Street were trading largely higher, lifted by a string of upbeat quarterly reports and hopes of a pickup in activity as regional economies slowly reopen. The dollar fell against a basket of currencies, while longer-dated U.S. Treasury prices were trading higher.