The University of Michigan index climbed to 63.5 points in April, up 2.4% from March. Analysts had expected a rise to just 62.7 points.
U.S. consumer confidence improved more than expected in April, especially among lower-income households, despite more pessimistic inflation expectations, University of Michigan preliminary estimate released Friday.
The index climbed to 63.5 points in April, up 2.4% from March. This is better than expected, since analysts expected 62.7 points, according to the consensus of Briefing.com.
The index is “about 3% lower than a year ago, but 27% higher than the historic low of last June,” said Joanna Hsu, director of the survey, in the press release.
“Rising consumer sentiment among low-income consumers has been offset by declines among those with higher incomes,” she said.
But consumers are more pessimistic than in March about the slowdown in inflation: while they “noted the slowdown in inflation among durable goods and cars, they still expect inflation high persists, at least in the short term.
In detail, it is the index measuring current conditions that is progressing the most, climbing 3.5% to 68.6 points. That measuring expectations increased by 1.9%, to 60.3 points.
