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Consumer sentiment posted a monthly increase in April, driven mainly by higher economic expectations for the coming year.
Source: University of Michigan
QQQ is down 2.10%, while SPY is down 1.74%.
The Index of Consumer Sentiment was recorded at 65.2 in April, reflecting a 9.8% increase from the 59.4 registered in March, but indicating a 26.2% decline from the 88.3 seen in the same month last year.
The indicator for current economic conditions stood at 69.4, up 3.3% from 67.2 in March and 28.6% lower than 97.2 in April 2021. Consumer expectations were recorded at 62.5, up 15.1% from 54.3 in March and 24.4% down from 82.7 in April 2021.
Chief Economist Richard Curtin attributed the improved economic outlook to a sharp decline in gas price expectations, down to 0.4 cents from 49.6 in the previous month. The overall impact on sentiment was, however, “quite small.”
Curtin said the year-on-year decline indicates the impact of uncertainty due to the COVID-19 pandemic along with cross-currents such as the inflationary uptick, higher interest rates, and rising wages.
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