Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. improved by more than initially estimated in the month of April.

The report showed the consumer sentiment index for April was upwardly revised to 88.3 from a preliminary reading of 86.5. Economists had expected the index to be upwardly revised to 87.5.

The consumer sentiment index rose from 84.9 in March to reach its highest level since hitting 89.1 in March of 2020.

“The April survey recorded continued gains in consumer confidence due to a growing sense that the upward momentum in jobs and incomes will persist,” said Surveys of Consumers chief economist Richard Curtin.

He added, “The renewed confidence is due to record federal stimulus spending, both recently passed and proposed, as well as the positive impact from a growing share of the population who are vaccinated.”

The report showed the current economic conditions index climbed to 97.2 in April from 93.0 in March, while the index of consumer expectations rose to 82.7 from 79.7.

On the inflation front, one-year inflation expectations jumped to 3.4 percent in April from 3.1 percent in March, but five-year inflation expectations dipped to 2.7 percent from 2.8 percent.

“While temporary price hikes are anticipated, the robust increases in consumer demand will act to lengthen and heighten inflation above the modest increases now anticipated,” said Curtin.

He added, “It will be a challenge to fine-tune fiscal and monetary policies that allow inflation to modestly exceed the 2% target for a limited time without contributing to an underlying upward momentum in inflation.”

On Tuesday, the Conference Board released a separate report showing U.S. consumer confidence reached its highest level since February of 2020 in the month of April.

The Conference Board said its consumer confidence index jumped to 121.7 in April after spiking to a revised 109.0 in March.

Economists had expected the consumer confidence index to rise to 112.0 from the 109.7 originally reported for the previous month.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.