A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. deteriorated modestly less than previously estimated in the month of April.
The University of Michigan said its consumer sentiment index for April was upwardly revised to 52.2 from a preliminary reading of 50.8.
Despite the upward revision, the consumer sentiment index is still down sharply from 57.0 in March and marks its lowest level since hitting 51.5 in July 2022.
The steep drop by the headline index came as the index of consumer expectations tumbled to 47.3 in April from 52.6 in March, while the current economic conditions index slumped to 59.8 in April from 63.8 in March.
The report also said year-ahead inflation expectations surged to 6.5 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.