US consumer sentiment dips in April

US consumer sentiment deteriorated less than expected in April, according to a final reading from the University of Michigan.

The consumer sentiment index fell to 97.2 from 98.4 in March and 98.8 in April last year, but was ahead of the preliminary estimate of 96.9 and forecasts of 97.0.

Meanwhile, the index of current economic conditions declined to 112.3 in April from 113.3 in March and 114.9 in the same month a year ago.

The index of consumer expectations printed at 87.4 from 88.8 in March and 88.4 in April 2018.

Surveys of Consumers chief economist Richard Curtin said: "The last time consumer sentiment was as favorable for as long a period of time was during the late stages of the Clinton expansion. When asked about their financial prospects for the year ahead, 44% of consumers anticipated improvements compared with just 8% who expected worsening finances. This was the best overall reading since 2004.

"Moreover, when asked about longer term financial prospects, 60% reported in the April survey that they expected to be better off financially over the next five years. This was the highest proportion ever recorded, although the question was only asked sporadically from 1979 to 1985 and then consistently from 2011 onwards. Overall, the data indicate that inflation-adjusted personal consumption expenditures will grow by 2.5% in 2019."