Michigan consumer sentiment weakens in April

The consumer sentiment index came in at 89.7 in April, down from 91.0 the month before and 95.9 in the same month last year, marking its fourth consecutive monthly decline.

The reading was weaker than consensus expectations of 92.0.

Meanwhile, the current economic conditions index printed at 105.4 from 105.6 in March and 107.0 last year.

The index of consumer expectations fell to 79.6 in April from 81.5 in March and 88.8 in April 2015.

Surveys of Consumers chief economist Richard Curtin said: “Consumers reported a slowdown in expected wage gains, weakening inflation-adjusted income expectations, and growing concerns that slowing economic growth would reduce the pace of job creation.

“These apprehensions should ease as the economy rebounds from its dismal start in the first quarter of 2016. Overall, the data now indicate that inflation-adjusted personal consumption expenditures will grow by 2.5% in 2016.”