FOREX TradingCharts.com

Financial News: U.S. Consumer Sentiment Shows Record Nosedive In April

U.S. Consumer Sentiment Shows Record Nosedive In April

04/09/2020 - 10:41:00 (RTTNews)

(RTTNews) - Preliminary data released by the University of Michigan on Thursday showed a record-breaking decline in U.S. consumer sentiment in the month of April.

The report said the consumer sentiment index plummeted to 71.0 in April after plunging to 89.1 in March. Economists had expected the index to tumble to 75.0.

Surveys of Consumers chief economist Richard Curtin noted the 30-point drop seen over the past two months was 50 percent larger than the prior record.

The steep drop by the headline index came as the current economic conditions index sank to 72.4 in April from 103.7 in March, with the 31.3-point nosedive nearly twice the prior record decline.

The index of consumer expectations also slumped to 70.0 in April from 79.7 in March, although Curtin noted the decrease was not nearly as steep as the record 16.5-point drop in December of 1980.

"This suggests that the free-fall in confidence would have been worse were it not for the expectation that the infection and death rates from covid-19 would soon peak and allow the economy to restart," Curtin said.

However, Curtin said anticipating a quick and sustained economic expansion is likely to be a failed expectation, resulting in a renewed and deeper slump in confidence.

"Consumers need to be prepared for a longer and deeper recession rather than the now discredited message that pent-up demand will spark a quick, robust, and sustained economic recovery," he added.

On the inflation front, one-year inflation expectations slipped to 2.1 percent in April from 2.2 percent in March, while five-year inflation expectations rose to 2.5 percent from 2.3 percent.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


India Economic Growth Slows Sharply On Covid-19 (05 hr(s), 55 min(s), 51 sec(s) ago)
(RTTNews) - India's economic growth slowed sharply in the three months to March, partially ref ...Full Story»

U.S. Consumer Sentiment Improves Slightly Less Than Initially Estimated (07 hr(s), 17 min(s), 51 sec(s) ago)
(RTTNews) - Revised data released by the University of Michigan on Friday showed consumer sentimen ...Full Story»

Chicago Business Barometer Unexpectedly Indicates Faster Contraction In May (07 hr(s), 44 min(s), 51 sec(s) ago)
(RTTNews) - Chicago-area business activity unexpectedly contracted at a faster rate in the month o ...Full Story»

U.S. Personal Income Unexpectedly Spikes Due To Stimulus Checks (08 hr(s), 19 min(s), 51 sec(s) ago)
(RTTNews) - Reflecting the distribution of stimulus checks by the federal government, the Commerce ...Full Story»

Italy Q1 GDP Declines More Than Estimated; Falls Most On Record (08 hr(s), 48 min(s), 51 sec(s) ago)
(RTTNews) - Italy's economy shrank at a faster than initially estimated pace in the first quar ...Full Story»

Brazil Economy Shrinks In Q1 On Covid-19 Impact (08 hr(s), 49 min(s), 51 sec(s) ago)
(RTTNews) - Brazil's economy shrunk in the first quarter of 2020 due to the impact of the coro ...Full Story»

Greece Producer Prices Fall Sharply In April (09 hr(s), 12 min(s), 51 sec(s) ago)
(RTTNews) - Greece producer prices declined at a faster pace in April, the Hellenic Statistical Au ...Full Story»

Italy Consumer Prices Fall In May (09 hr(s), 13 min(s), 51 sec(s) ago)
(RTTNews) - Italy's consumer prices in fell in May, after stagnating in the previous month, da ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

India Economic Growth Slows Sharply On Covid-19

05/29/2020 - 12:13 PM (RTTNews)
(RTTNews) - India's economic growth slowed sharply in the three months to March, partially ref ...Full Story>>

U.S. Consumer Sentiment Improves Slightly Less Than Initially Estimated

05/29/2020 - 10:51 AM (RTTNews)
(RTTNews) - Revised data released by the University of Michigan on Friday showed consumer sentimen ...Full Story>>

Chicago Business Barometer Unexpectedly Indicates Faster Contraction In May

05/29/2020 - 10:24 AM (RTTNews)
(RTTNews) - Chicago-area business activity unexpectedly contracted at a faster rate in the month o ...Full Story>>

U.S. Personal Income Unexpectedly Spikes Due To Stimulus Checks

05/29/2020 - 09:49 AM (RTTNews)
(RTTNews) - Reflecting the distribution of stimulus checks by the federal government, the Commerce ...Full Story>>

Italy Q1 GDP Declines More Than Estimated; Falls Most On Record

05/29/2020 - 09:20 AM (RTTNews)
(RTTNews) - Italy's economy shrank at a faster than initially estimated pace in the first quar ...Full Story>>
Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.