Financial News: U.S. Consumer Sentiment Index For April Unrevised, Matchin

U.S. Consumer Sentiment Index For April Unrevised, Matching Expectations

04/28/2023 - 10:45:00 (RTTNews)

(RTTNews) - Revised data released by the University of Michigan on Friday continued to show a modest improvement in U.S. consumer sentiment in the month of April.

The report said the consumer sentiment index for April was unrevised at 63.5, which was up from 62.0 in March. Economists had expected the reading to be unrevised.

The current economic conditions index rose to 68.2 in April from 66.3 in March, while the index of consumer expectations inched up to 60.5 from 59.2.

"Despite the increasingly negative news on business conditions heard by consumers, their short and long-run economic outlook improved modestly from last month," said Surveys of Consumers Director Joanne Hsu.

She added, "These improvements were balanced by worsening assessments of personal finances due to higher expenses, reflecting the ongoing pain stemming from continued high prices."

Meanwhile, the University of Michigan said year-ahead inflation expectations jumped to 4.6 percent in April from 3.6 percent in March.

Five-year inflation expectations also crept up to 3.0 percent in April from 2.9 percent in the previous month.

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