Financial News: U.S. Consumer Sentiment Dips More Than Previously Estimate

U.S. Consumer Sentiment Dips More Than Previously Estimated In April

04/26/2024 - 10:16:00 (RTTNews)

(RTTNews) - Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. deteriorated by more than previously estimated in the month of April.

The University of Michigan said its consumer sentiment index for April was downwardly revised to 77.2 from a preliminary reading of 77.9.

Economists had expected the consumer sentiment index to be unrevised from the preliminary reading, which was down from 79.4 in March.

"Different parts of the population exhibited offsetting changes this month," said Surveys of Consumers Director Joanne Hsu. "Republicans posted notable declines in sentiment this month, whereas Democrats and Independents did not. Sentiment for younger consumers rose, in contrast to middle-aged and older adults whose sentiment changed little or fell."

She added, "Overall, consumers continue to express uncertainty about the future trajectory of the economy pending the outcomes of the upcoming election, but at this time there is no evidence that global geopolitical factors are on the forefront of consumers' minds."

The decrease by the headline index came as the current economic conditions index fell to 79.0 in April from 82.5 in March, while the index of consumer expectations dipped to 76.0 in April from 77.4 in March.

Meanwhile, the report showed year-ahead inflation expectations increased by slightly more than previously estimated, climbing to 3.2 percent in April from 2.9 percent in March.

Long-run inflation expectations also rose to 3.0 percent in April from 2.8 percent in March, remaining elevated relative to the 2.2-2.6 percent range seen in the two years pre-pandemic.

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