U Mich April final consumer sentiment 71.8 v 68.0 expected, Prelim 71.0
Final March reading was 89.1
Current conditions 74.3 vs 72.4 prelim
Expectations 70.1 vs 70.0 prelim
1-year inflation 2.1% vs 2.1% prelim
5-10 year inflation 2.5% vs 2.5% prelim
Still, it remains the lowest reading since December of 2011 due to the coronavirus pandemic. Both current conditions (74.3 from 72.4) and expectations (70.1 from 70) were revised up while inflation expectations were left unchanged for both the year ahead (2.1 percent) and the next 5 years (2.5 percent).
“In the weeks ahead, as several states reopen their economies, more information will reach consumers about how reopening could cause a resurgence in coronavirus infections. The necessity to reimpose restrictions could cause a deeper and more lasting pessimism across all consumers, even those in states that did not relax their restrictions.”, Richard Curtin, Surveys of Consumers chief economist said.