Current:Home > MyUS consumer sentiment falls slightly as outlook for inflation worsens -MoneyMatrix
US consumer sentiment falls slightly as outlook for inflation worsens
View
Date:2025-04-13 07:24:33
WASHINGTON (AP) — Consumer sentiment about the U.S. economy has ticked down but remains near a recent high, with Americans’ outlook largely unchanged this year.
The University of Michigan’s consumer sentiment index, released Friday in a preliminary version, slipped to 77.9 this month, down from March’s figure of 79.4. Sentiment is about halfway between its all-time low, reached in June 2022 when inflation peaked, and its pre-pandemic averages.
“Consumers are reserving judgment about the economy in light of the upcoming election, which, in the view of many consumers, could have a substantial impact on the trajectory of the economy,” said Joanne Hsu, director of the consumer survey.
An increase in gas prices likely contributed to the decline in consumers’ outlook, according to Ian Shepherdson, chief economist at Pantheon Macroeconomics. The average national price of a gallon of gas has jumped about 7% from a month ago, according to AAA, to $3.63 a gallon.
Americans’ perceptions of future inflation also edged up, probably reflecting still-elevated prices. Consumers expect inflation to be 3.1% a year from now, which would exceed the Federal Reserve’s 2% target. Still, that would be below the current level of 3.5%.
veryGood! (4)
Related
- Jamie Foxx gets stitches after a glass is thrown at him during dinner in Beverly Hills
- So long plastic air pillows: Amazon shifting to recycled paper filling for packages in North America
- It’s summer solstice time. What does that mean?
- Europe’s New ESG Rules Spark Questions About What Sustainable Investing Looks Like
- Don't let hackers fool you with a 'scam
- Hall of Famer Michael Irvin says wife Sandy suffers from early onset Alzheimer’s
- Kiefer Sutherland Mourns Death of Dad Donald Sutherland in Moving Tribute
- Powerful storm transformed ‘relatively flat’ New Mexico village into ‘large lake,’ forecasters say
- Dick Vitale announces he is cancer free: 'Santa Claus came early'
- The Supreme Court upholds the conviction of woman who challenged expert testimony in a drug case
Ranking
- Former longtime South Carolina congressman John Spratt dies at 82
- Can you blame heat wave on climate change? Eye-popping numbers suggest so.
- How Willie Mays, the Say Hey Kid, inspired generations with his talent and exuberance, on and off the field
- CDK cyberattack shuts down auto dealerships across the U.S. Here's what to know.
- House passes bill to add 66 new federal judgeships, but prospects murky after Biden veto threat
- Watch this quick-thinking bus driver save a stray dog on a busy street
- Rivian owners are unknowingly doing a dumb thing and killing their tires. They should stop.
- Russia targets Americans traveling to Paris Olympics with fake CIA video
Recommendation
Federal Spending Freeze Could Have Widespread Impact on Environment, Emergency Management
How Can Solar Farms Defend Against Biblical-Level Hailstorms?
Ben Affleck Addresses Why He Always Looks Angry in Paparazzi Photos
Kylie Jenner cries over 'exhausting' comments saying she looks 'old'
Person accused of accosting Rep. Nancy Mace at Capitol pleads not guilty to assault charge
Juneteenth celebration highlights Black chefs and restaurants nationwide
Biden administration old growth forest proposal doesn’t ban logging, but still angers industry
Kane Brown and Wife Katelyn Brown Welcome Baby No. 3