U.S. Consumer Sentiment Improves April, Year-Ahead Inflation Expectations Jump
(RTTNews) - Preliminary data released by the University of Michigan on Friday showed a modest improvement in U.S. consumer sentiment in the month of April.
The report showed the consumer sentiment index rose to 63.5 in April from 62.0 in March. Economists had expected the index to inch up to 62.7.
The uptick by the headline index came as the current economic conditions index climbed to 68.6 in April from 66.3 in March, while the index of consumer expectations crept up to 60.3 from 59.2.
"Sentiment is now about 3% below a year ago but 27% above the all-time low from last June," said Surveys of Consumers Director Joanne Hsu. "Rising sentiment for lower-income consumers was offset by declines among those with higher incomes."
Meanwhile, the University of Michigan said year-ahead inflation expectations jumped to 4.6 percent in April from 3.6 percent in March.
"These expectations have been seesawing for four consecutive months, alternating between increases and decreases," said Hsu.
She added, "Uncertainty over short-run inflation expectations continues to be notably elevated, indicating that the recent volatility in expected year-ahead inflation is likely to continue."
At the same time, five-year inflation expectations held at 2.9 percent for fifth straight month and have stayed within the narrow 2.9 to 3.1 percent range for 20 of the last 21 months.
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