Widget Image
Follow PPD Social Media
Thursday, July 18, 2024
HomeNewsEconomySurvey of Consumers: Consumer Sentiment Falls, Misses Expectations in April

Survey of Consumers: Consumer Sentiment Falls, Misses Expectations in April

consumer-spending-consumer-sentiment-reuters
consumer-spending-consumer-sentiment-reuters

(Photo: Reuters)

The Survey of Consumers on Friday said their closely-watched gauge of consumer sentiment from the University of Michigan slipped to 89.7 in April, down from a March reading of 91.0.

The results missed the median forecast, as economists polled by Reuters anticipated a rise to 92.0 for the month.

“Consumer confidence continued its slow overall decline in early April, marking the fourth consecutive monthly decline,” said Surveys of Consumers chief economist, Richard Curtin. “To be sure, the sizes of the recent losses have been quite small, with the Sentiment Index falling just 2.9 Index-points since December 2015, although it was down 6.2 Index-points from a year ago and 8.4 points below the peak in January 2015. None of these declines indicate an impending recession, although concerns have risen about the resilience of consumers in the months ahead.”

Preliminary Consumer Sentiment Results for April 2016

Apr Mar Apr M-M Y-Y
2016 2016 2015 Change Change
Index of Consumer Sentiment 89.7 91.0 95.9 -1.4% -6.5%
Current Economic Conditions 105.4 105.6 107.0 -0.2% -1.5%
Index of Consumer Expectations 79.6 81.5 88.8 -2.3% -10.4%

“Consumers reported a slowdown in expected wage gains, weakening inflation-adjusted income expectations, and growing concerns that slowing economic growth would reduce the pace of job creation,” Mr. Curtin added. “These apprehensions should ease as the economy rebounds from its dismal start in the first quarter of 2016. Overall, the data now indicate that inflation-adjusted personal consumption expenditures will grow by 2.5% in 2016.”

Next data release: April 29, 2016 for Final April data at 10am ET

Written by

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial