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U.S. Consumer Sentiment Hits Three-Month High

While economists in a recent Bloomberg survey expected consumer sentiment to dip slightly, from 59.4 in March to 59 in April, the University of Michigan found that sentiment actually increased, to 65.7.

By Emma Kinery | April 14, 2022 at 03:50 PM

U.S. consumer sentiment unexpectedly rose to a three-month high in early April as optimism about job growth and wage expectations more than outweighed decades-high inflation.

The University of Michigan’s sentiment index increased to 65.7, from 59.4 in March, according to data released Thursday. That figure exceeds all estimates in a Bloomberg survey of economists, which had a median forecast of 59. Moreover, the survey’s measure of future expectations climbed to 64.1, the highest since January. The monthly increase of almost 10 points was the largest since 2006. A gauge of current conditions increased to 68.1.

Consumers still expect inflation to rise 5.4 percent over the next year, and their expectations for price increases in the next 5 to 10 years remains at 3 percent. That’s a good sign that they don’t see inflation worsening much more.

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