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- U.S. consumer sentiment better than initially estimated in April
U.S. consumer sentiment better than initially estimated in April
The
final reading for the April Reuters/Michigan index of consumer sentiment came
in at 88.3 compared to a preliminary reading of 86.5 and the March final
reading of 84.9. This was the highest reading since March 2020.
Economists
had forecast the index to be revised to 87.4.
According
to the report, the index of consumer expectations rose 3.8 percent m-o-m to 82.7
from March’s final reading of 79.7, while the index of the current economic
conditions climbed 4.5 percent m-o-m to 97.2 from March’s final reading of 93.0.
“The
April survey recorded continued gains in consumer confidence due to a growing
sense that the upward momentum in jobs and incomes will persist,” noted
Richard Curtin, the Surveys of Consumers chief economist. “The renewed
confidence is due to record federal stimulus spending, both recently passed and
proposed, as well as the positive impact from a growing share of the population
who are vaccinated. The largest and most important change in April was that an
all-time record number of consumers expected declines in the unemployment rate
during the year ahead.”
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