U.S. Consumer Sentiment Show Modest Improvement In April

(RTTNews) - Consumer sentiment in the U.S. saw a modest improvement in the month of April, according to a report released by the University of Michigan on Friday.

The report said the consumer sentiment index for April came in at 95.9, unrevised from the mid-month reading and up from 93.0 in March. Economists had expected the index to be upwardly revised to 96.0.

Richard Curtin, the survey's chief economist, said, "Consumer Sentiment in April was at its second highest level since 2007, and recorded a higher average level during the last five months than any time since May 2004."

"Consumer optimism has become increasingly dependent on the persistence of low inflation and low interest rates as well as slowly improving prospects for jobs and incomes," he added.

The report said index of consumer expectations rose to 88.8 in April from 85.3 in March, while the current economic conditions index climbed to 107.0 from 105.0.

On the inflation front, one-year inflation expectations tumbled to 2.6 percent in April from 3.0 percent in March. The five-year inflation outlook also dropped to 2.6 percent from 2.8 percent.