With consumer expectations dropping less than previously indicated, the University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by less than initially estimated in the month of April.
The report said the consumer sentiment index for April was upwardly revised to 98.8 from the preliminary reading of 97.8.
The upwardly revised reading exceeded economist estimates of 98.0 but still came in below the final March reading of 101.4.
Richard Curtin, the survey’s chief economist, noted, “The final April figure was nearly identical to its 2018 average (98.9)-which was higher than any other yearly average since 107.6 was recorded in 2000”
The bigger than expected upward revision to the headline index came as the index of consumer expectations for April was upwardly revised to 88.4 from 86.8, although it remained slightly below March’s 88.8.
The current economic conditions index for April was downwardly revised to 114.9 from 115.0 and is down from 121.2 in March.
On the inflation front, one-year inflation expectations edged down to 2.7 percent in April from 2.8 percent in March, while five-year inflation expectations held at 2.5 percent.