U.S. Consumer Sentiment Slumps To Seven-Month Low In April
29 Abril 2016 - 7:24AM
RTTF2
Reflecting weakening expectations for future growth, the
University of Michigan released a report on Friday showing that
U.S. consumer sentiment deteriorated by more than previously
estimated in April.
The report said the final reading on the consumer sentiment
index for April came in at 89.0, reflecting a downward revision
from the mid-month reading of 89.7.
The downward revision came as a surprise to economists, who had
expected the index to be upwardly revised to 90.4.
With the downward revision, the index is well below the final
March reading of 91.0 and at its lowest level since hitting 87.2
last September.
The decrease by the headline index primarily reflected a steep
drop by the index of consumer expectations, which tumbled to a
downwardly revised 77.6 in April from 81.5 in March.
Richard Curtin, the survey's chief economist, said the size of
the decline was troublesome but still far short of indicating an
impending recession.
Meanwhile, the report also said the current economic conditions
index climbed to an upwardly revised 106.7 in April from 105.6 in
March.
"This divergence may reflect the strength of the consumer
relative to the business sectors, and may have been exacerbated by
growing uncertainty about the economic policies advocated by
various presidential candidates," Curtin said.
He added, "Overall, the data indicate that inflation-adjusted
personal consumption expenditures will grow by 2.5% in 2016."
On the inflation front, the one-year inflation outlook ticked up
to 2.8 percent in April from 2.7 percent in March, while five-year
inflation expectations dropped to 2.5 percent from 2.7 percent.
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