Economic Buzz: US consumer sentiment index tumbles in April

Preliminary data released by the University of Michigan on Friday showed a continued slump by U.S. consumer sentiment in the month of April.

The University of Michigan said its consumer sentiment index tumbled to 50.8 in April after plunging to 57.0 in March.

With the much bigger than expected decrease, the consumer sentiment index dropped to its lowest level since hitting 50.0 in June 2022.

The extended slump by the headline index came as the current economic conditions index dove to 56.5 in April from 63.8 in March and the index of consumer expectations plunged to 47.2 in April from 52.6 in March.

The report also said year-ahead inflation expectations surged to 6.7 percent in April from 5.0 percent in March, reaching the highest reading since 1981.

Long-run inflation expectations also climbed to 4.4 percent in April from 4.1 percent in March, reflecting a particularly large jump among independents.

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