Michigan consumer sentiment weakens in April
Consumer sentiment weakened in April as Americans became increasingly concerned about the future, according to the final reading from the University of Michigan.
The University of Michigan’s consumer sentiment index printed at 89.0 in April, down from the flash estimate of 89.7 and 91.0 in March. It was also weaker than the 95.9 reading in April of last year.
Meanwhile, the current economic conditions index came in higher than the estimate of 105.5 at 106.7, compared to 105.6 in March and 107.0 in April 2015.
The index of consumer expectations was weaker than the preliminary estimate of 79.6 at 77.6 and below March’s 81.5 reading. It was also lower than last April’s 88.8.
Survey of Consumers chief economist Richard Curtin said: “Consumer sentiment continued its slow decline in late April due to weakening expectations for future growth, although their views of current economic conditions remained positive.”
Curtin said the size of the decline in the consumer expectations index, "while troublesome, “is still far short of indicating an impending recession”.
“The decline is all the more remarkable given that consumers' assessments of current economic conditions, including their personal finance, have remained largely unchanged at very positive levels during the past year.”