Revised data released by the University of Michigan on Friday showed U.S. consumer sentiment dipped by slightly less than initially estimated in the month of April.
The consumer sentiment index for April was upwardly revised to 97.2 from the preliminary reading of 96.9, although the index remains below the final March reading of 98.4. Economists had expected the index to be upwardly revised to 97.0.
Surveys of Consumers chief economist Richard Curtin noted the index has recorded only small monthly variations since President Donald Trump first took office, remaining between 95.0 and 99.0 for 21 of the past 28 months.
“Variations within plus or minus 2.0 percentage points for the Sentiment Index meant that most of the monthly changes were statistically insignificant,” Curtin said.
He added, “The last time consumer sentiment was as favorable for as long a period of time was during the late stages of the Clinton expansion.”
The report said the current economic conditions index edged down to 112.3 in April from 113.3 in March, while the index of consumer expectations dipped to 87.4 from 88.8.
On the inflation front, one-year inflation expectations were unchanged from the previous month at 2.5 percent, but five-year inflation expectations fell to 2.3 percent in April from 2.5 percent in March.
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