The final University of Michigan Consumer Sentiment index for April fell to 47.6. This result marks an 8.8% decline compared to the previous year. The final data confirms the 11% drop initially reported in the preliminary index.
Consumers cited high prices and weaker asset values as primary financial concerns. One-year expected business conditions plunged by approximately 20%.
Negative views on buying conditions for durable goods and vehicles indicate headwinds for manufacturers. These findings suggest a difficult outlook for the consumer discretionary sector and retailers in the coming months.