Keeping you up to date on the latest data releases.
- Consumer Sentiment
The University of Michigan’s Index of Consumer Sentiment was revised up 2.7 points in April to a final reading of 72.2. Despite this relatively large revision, the index is still 1.4 points below its March level and only 7.1 points above its year-ago level, a low number compared to the double-digit gains seen in every prior month since October. While both components of the index were upwardly revised, the overall revision is mainly due to a 4.2 point improvement from the preliminary report in consumer expectations, as the current economic conditions component was revised up only 0.3 point. Still, both components are 1.4 points below their March levels, with April marking the third straight month of decline in consumer expectations. The current economic conditions component was at its highest level in two years last month, so April’s decline still leaves the index much higher than its record low of 58.4, reached in October 2008. Inflation expectations were unchanged from the preliminary report, which found that one-year-ahead average inflation expectations rose 0.4 percentage point to 3.8 percent in April, while the longer-run (5- to 10-year-ahead) expectations inched up 0.1 percentage point to 3.2 percent.