CHICAGO, April 26 (Xinhua) -- The Consumer Sentiment Index released Friday by the University of Michigan (UM) Surveys of Consumers fell to 77.2 in the April 2024 survey, down from 79.4 in March and above last April's 63.7.
The Current Index fell to 79.0, down from 82.5 in March and above last April's 68.5. The Expectations Index fell to 76.0, down from 77.4 in March and above last April's 60.6.
About 38 percent of consumers blamed high prices for eroding their living standards, up from 33 percent in March. For the third consecutive month, a rising share of consumers spontaneously mentioned food or grocery prices. Sentiment for consumers mentioning food were substantially higher than for those who did not, suggesting that high prices of food continue to weigh on a sizable share of consumers.
Partisan differences in views of the economy remain pronounced. While Democrats and Independents saw little change in sentiment in April, sentiment for Republicans fell almost 10 percent. Republicans' views of their personal finances, buying conditions for durable goods and year-ahead business conditions all softened.
Consumers of all three political groups expressed agreement that the future trajectory of the economy is contingent on the outcomes of the election later this year.
"For a third consecutive month, sentiment has been virtually unchanged, as consumers perceived few developments this year that would take the economy off its current path," said UM economist Joanne Hsu, director of the Surveys of Consumers. "At the same time, consumers continued to express uncertainty about the future trajectory of the economy pending the outcomes of the upcoming election. Currently, there is no evidence that global geopolitical factors are on the forefront of consumers' minds."
The Surveys of Consumers is a rotating panel survey based on a nationally representative sample that gives each household in the coterminous United States an equal probability of being selected. Interviews are conducted throughout the month by telephone.
