The latest consumer survey conducted by the University of Michigan revealed that American sentiment towards the economy remained relatively stable in April, with a slight decrease from the previous month. Despite disappointing inflation reports causing turmoil on Wall Street, consumer sentiment did not deteriorate. The current reading of 77.9 is still above the record lows observed during the high inflation period of 2022, but it is still lower than pre-pandemic levels.
Joanne Hsu, the director of Surveys of Consumers at the University of Michigan, explained that consumer sentiment has remained flat for four consecutive months due to a lack of significant changes in the economy that consumers have noticed. Many consumers are holding off on making judgments about the economy until after the upcoming election, which they believe could have a significant impact on economic trajectory.
Although there was a slight increase in consumer expectations of inflation rates in April, the Federal Reserve is closely monitoring whether Americans have confidence that inflation will eventually return to more normal levels. This story will be updated as new information becomes available. -CNN-Wire™ & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved. Copyright 2024 by Cable News Network, Inc., a Time Warner Company. All rights reserved.
