U.S. consumer sentiment has rebounded in April: University of Michigan survey
The numbers: The University of Michigan’s gauge of consumer sentiment rose in April to 65.7, a more than 10% increase from March’s reading of of 59.4 as Americans anticipated gasoline prices to remain steady over the next year.Americans’ expectations for overall inflation over the next year held steady at 5.4% in March while expectations for inflation over five years remained at 3.0%.
Americans fear the cost of living will continue to rise over the next year even if they are less fearful of a surge in prices at the pump, with inflation expectations for the next year remaining at 40-year highs. “Consumers still anticipate that the national unemployment rate will inch downward, acting to improve consumers’ outlook for the national economy,” Richard Curtin, the survey’s chief economist wrote.
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