US Consumer Confidence Takes a Hit in April

In a concerning trend, the University of Michigan's final monthly report for April reveals a significant decline in US consumer sentiment, now standing at 52.2. This marks an 8.4% decrease from March and a staggering 32.4% drop compared to April 2024.

Current Economic Conditions and Expectations Wane

The Current Economic Conditions Index also saw a downturn, falling 6.3% from the previous month and 24.3% year-over-year to 59.8 points. Meanwhile, the Index of Consumer Expectations experienced a sharper decline, dropping 10.1% monthly and 37.8% annually to 47.3.

Expert Insights on the Decline

"Consumer sentiment fell for the fourth straight month, plunging 8% from March. While the April decline in current conditions was modest, the expectations index plummeted with drop-offs in personal finances as well as business conditions," noted Joanne Hsu, Director of Surveys of Consumers, in the report.