Financial News: U.S. Consumer Sentiment Drops More Than Expected, Inflatio

U.S. Consumer Sentiment Drops More Than Expected, Inflation Expectations Rise

04/12/2024 - 10:34:00 (RTTNews)

(RTTNews) - Consumer sentiment in the U.S. has deteriorated by more than expected in the month of April, according to preliminary data released by the University of Michigan on Friday.

The University of Michigan said its consumer sentiment fell to 77.9 in April from 79.4 in March. Economists had expected the index to edge down to 79.0.

The bigger than expected drop by the headline reflected a notable decline in consumers' assessment of current economic conditions, with the current economic conditions index sliding to 79.3 in April from 82.5 in March.

The index of consumer expectations showed a more modest decrease, edging down to 77.0 in April from 77.4 in March.

The report also said year-ahead inflation expectations rose to 3.1 percent in April from 2.9 percent in March, climbing just above the 2.3-3.0 percent range seen in the two years prior to the pandemic.

Long-run inflation expectations also increased to 3.0 percent in April from 2.8 percent in March, the University of Michigan said.

Surveys of Consumers Director Joanne Hsu said the uptick in inflation expectations reflects "some frustration that the inflation slowdown may have stalled."

"Overall, consumers are reserving judgment about the economy in light of the upcoming election, which, in the view of many consumers, could have a substantial impact on the trajectory of the economy," she added.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Indonesia GDP Data Due On Monday (01 hr(s), 29 min(s), 06 sec(s) ago)
(RTTNews) - Indonesia will on Monday release Q1 figures for gross domestic product, highlighting a ...Full Story»

Norges Bank Keeps Policy Rate Steady At 4.50% (08 hr(s), 37 min(s), 06 sec(s) ago)
(RTTNews) - The Norwegian central bank maintained its key interest rate for the third straight dec ...Full Story»

U.S. Service Sector Activity Contracts For First Time Since December 2022 (08 hr(s), 58 min(s), 06 sec(s) ago)
(RTTNews) - After growing for fifteen consecutive months, U.S. service sector activity unexpectedl ...Full Story»

Eurozone Unemployment Rate Steady At 6.5% For Fifth Month (09 hr(s), 16 min(s), 06 sec(s) ago)
(RTTNews) - Euro area jobless rate remained unchanged at a record low for the fifth month in a row ...Full Story»

U.S. Services PMI Unexpectedly Indicates Contraction In April (09 hr(s), 21 min(s), 06 sec(s) ago)
(RTTNews) - After growing for fifteen consecutive months, U.S. service sector activity unexpectedl ...Full Story»

U.S. Job Growth Falls Short Of Estimates In April, Unemployment Rate Ticks Higher (10 hr(s), 05 min(s), 06 sec(s) ago)
(RTTNews) - After reporting stronger than expected job growth over the past several months, the La ...Full Story»

U.S. Employment Climbs Much Less Than Expected In April (10 hr(s), 53 min(s), 06 sec(s) ago)
(RTTNews) - After reporting stronger than expected job growth over the past several months, the La ...Full Story»

Turkey Inflation Rises Further To 17-Month High (11 hr(s), 18 min(s), 06 sec(s) ago)
(RTTNews) - Turkey's consumer price inflation increased further in April to the highest level ...Full Story»