Consumer Sentiment was 88.3 in April according to the University of Michigan Consumer Sentiment Index. April’s figure was 4.0 points higher than the March reading and 23 points above the April 2020 index. The Current Economic Conditions Index climbed 4.5 points from the previous month to 97.2 and is 30.8 points above the April 2020 index. The Consumer Expectations Index increased 3.8 points to 82.7 and is 18 points higher from a year ago.
“The renewed confidence is due to record federal stimulus spending, both recently passed and proposed, as well as the positive impact from a growing share of the population who are vaccinated. The largest and most important change in April was that an all-time record number of consumers expected declines in the unemployment rate during the year ahead. Even if a booming economy resulted in higher inflation, consumer optimism would not diminish since consumers have already anticipated a temporary increase.” said Richard Curtin, chief economist of UM Surveys of Consumers.
Read the University of Michigan Surveys of Consumers release.
