US Consumer Sentiment at Over 1-Year High
The University of Michigan's consumer sentiment for the US rose to 86.5 in April 2021, from 84.9 in the previous month but below market expectations of 89.6, a preliminary estimate showed. It was the highest reading since March 2020, mainly due to improving current economic conditions, while future economic prospects remained unchanged. Year-ahead inflation expectations rose to 3.7 percent, the highest level in nearly a decade; while half of all consumers expected declines in unemployment, the highest level ever recorded. "Consumers in early April reported surging economic growth and strong job gains due to record stimulus spending, low interest rates, and the positive impact of vaccinations", Surveys of Consumers chief economist, Richard Curtin, said. "The strength in current economic conditions reflects much larger than usual stimulus payments during the past year, and much larger than usual economic gains due to comparisons with last year's shutdowns.", he added.
16 hours ago