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- U.S. consumer sentiment index rises less than anticipated in early April
U.S. consumer sentiment index rises less than anticipated in early April
A report
from the University of Michigan revealed on Friday the preliminary reading for
the Reuters/Michigan index of consumer sentiment increased 1.9 percent m-o-m to
86.5 in early April. This was the highest reading since March 2020.
Economists
had expected the index would increase to 89.6 this month from March’s final
reading of 84.9.
According
to the report, the index of current U.S. economic conditions surged 4.5 percent
m-o-m to 97.2 in April from 93.0 in the previous month. Meanwhile, the index of
consumer expectations remained unchanged m-o-m at 79.7.
“Consumers
in early April reported surging economic growth and strong job gains due to
record stimulus spending, low-interest rates, and the positive impact of
vaccinations,” noted Surveys of Consumers chief economist, Richard Curtin. “The
strength in current economic conditions reflects much larger than usual
stimulus payments during the past year, and much larger than usual economic
gains due to comparisons with last year's shutdowns. Other factors suppressed
the pace of expected gains, including persistent concerns with vaccine safety
as well as a surge in year-ahead inflation expectations to 3.7%, the highest
level in nearly a decade,” he added.
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