Consumer confidence beats expectations in April
The University of Michigan announced the leading data of the Consumer Confidence Index for April, which was prepared in line with the trends of American consumers.
Accordingly, Consumer Confidence increased by 1.5 points to 63.5 in April compared to the previous month.
The consumer confidence index, which exceeded market expectations, was expected to take the value of 62 in this period. Consumer confidence index stood at 62 in March.
The current economic conditions index, which measures Americans’ assessment of current financial conditions, rose 2.3 points month on month to 68.6 in April.
The consumer expectations index, which reflects the long-term projections of consumers, increased by 1.1 points to 60.3 in the same period.
Joanne Hsu, Director of Consumer Surveys, whose views were given in the statement, stated that while consumers noticed that inflation in durable goods and automobiles decreased, they expected inflation to remain high in the short term.
Hsu noted that the short-term inflation expectation rose to 4.6 percent from 3.6 percent in April.
Pointing out that the uncertainty regarding short-term inflation expectations continues to increase significantly, Hsu said that this indicates that the volatility in short-term inflation expectations may continue in the recent period.