U.S. Consumer Sentiment Deteriorates Modestly Less Than Estimated In April

RTTNews | 76 days ago
U.S. Consumer Sentiment Deteriorates Modestly Less Than Estimated In April

(RTTNews) - A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. deteriorated modestly less than previously estimated in the month of April.

The University of Michigan said its consumer sentiment index for April was upwardly revised to 52.2 from a preliminary reading of 50.8. Economists had expected the index to be unrevised.

Despite the upward revision, the consumer sentiment index is still down sharply from 57.0 in March and marks its lowest level since hitting 51.5 in July 2022.

The steep drop by the headline index came as the index of consumer expectations tumbled to 47.3 in April from 52.6 in March, while the current economic conditions index slumped to 59.8 in April from 63.8 in March.

"Consumers perceived risks to multiple aspects of the economy, in large part due to ongoing uncertainty around trade policy and the potential for a resurgence of inflation looming ahead," said Surveys of Consumers Director Joanne Hsu. "Labor market expectations remained bleak."

"Even more concerning for the path of the economy, consumers anticipated weaker income growth for themselves in the year ahead," she added. "Without reliably strong incomes, spending is unlikely to remain strong amid the numerous warnings signs perceived by consumers."

The report also said year-ahead inflation expectations surged to 6.5 percent in April from 5.0 percent in March, reaching the highest reading since 1981.

Hsu noted the spike by year-ahead inflation expectations, which marked four consecutive months of unusually large increases, was seen across all three political affiliations.

"After the April 9 partial pause in tariff increases, inflation expectations ebbed but remained substantially elevated relative to March," Hsu said.

Long-run inflation expectations also climbed to 4.4 percent in April from 4.1 percent in March, reflecting a particularly large jump among independents.

read more
U.S. Jobless Claims Unexpectedly Slip To 227,000

U.S. Jobless Claims Unexpectedly Slip To 227,000

First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th, according to a report released by the Labor Department on Thursday.
RTTNews | 10h 39min ago
U.S. Weekly Jobless Claims Unexpectedly Edge Lower

U.S. Weekly Jobless Claims Unexpectedly Edge Lower

First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th, according to a report released by the Labor Department on Thursday.
RTTNews | 11h 52min ago
U.S. House Purchase Mortgage Applications Highest In Over 2 Years: MBA

U.S. House Purchase Mortgage Applications Highest In Over 2 Years: MBA

Home loan applications in the U.S. rose to their highest level since early 2023 in the week ended July 04, while mortgage rates eased only modestly, survey data from the Mortgage Bankers Association showed on Wednesday. The number of mortgage applications grew 9.4 percent from the previous week when it they rose 2.7 percent, the MBA said.
RTTNews | 1 day ago
Fed Minutes Reveal Mixed Views About Outlook For Interest Rates

Fed Minutes Reveal Mixed Views About Outlook For Interest Rates

The Federal Reserve on Wednesday released the minutes of its June monetary policy meeting, which revealed most participants generally agree the central bank is well positioned to wait for more clarity on the outlook for inflation and the economy before adjusting interest rates.
RTTNews | 1 day ago
U.S. Wholesale Inventories Dip In Line With Estimates In May

U.S. Wholesale Inventories Dip In Line With Estimates In May

A report released by the Commerce Department on Wednesday showed a modest decrease by wholesale inventories in the U.S. in the month of May. The Commerce Department said wholesale inventories fell by 0.3 percent in May after inching up by 0.1 percent in April. The pullback by inventories matched economist expectations as well as the flash estimate.
RTTNews | 1 day ago