Consumer confidence exceeds expectations in April

The consumer confidence index, as measured by the University of Michigan in the US, rose 1.5 points mom to 63.5 in April, beating market expectations.

The University of Michigan announced key consumer confidence index data for April, which was compiled in line with US consumer trends.

Consequently, consumer confidence increased 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. The 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 consumers’ long-term projections, rose 1.1 points to 60.3 over the same period.

THE SHORT-TERM INFLATION EXPECTATION IS HIGH

Joanne Hsu, Director of Consumer Surveys, whose views were given in the statement, said that while consumers noted that inflation in durable goods and automobiles eased, they expected inflation to remain high in the near term.

Hsu noted that the short-term inflation expectation rose to 4.6 percent from 3.6 percent in April.

Noting that uncertainty regarding near-term inflation expectations continues to rise significantly, Hsu said this indicates that volatility in near-term inflation expectations may continue into the recent period. (AA)