US consumer confidence deteriorated more sharply than initially estimated in April, the final results of the University of Michigan's monthly survey showed on Friday.

The confidence index finally came in at 77.2, lower than the first estimate (77.9) and down sharply on the 79.4 level reached in March.

The component of households' judgment of their current situation deteriorated most sharply, to 79 from 82.5 last month.

The expectations component fell to 76 this month from 77.4 in March.

Household inflation expectations, which are very closely watched in these times of rising prices, were revised upwards, with a 12-month estimate finally coming in at 3.2% this month, compared with 2.9% in March.

Interestingly, with almost six months to go before the presidential election, the survey reveals that Republicans suffered the sharpest drop in morale this month, unlike Democrats and Independents.

Copyright (c) 2024 CercleFinance.com. All rights reserved.