By Ed Frankl
U.S. consumer confidence ticked down in April, as inflation expectations crept up again.
The final reading of the University of Michigan's consumer sentiment index was 77.2 in April, down from 79.4 in March, according to data released Friday.
That was a little weaker than a consensus of economists polled by The Wall Street Journal, which expected it to remain at its preliminary, mid-month reading of 77.9.
"Consumer sentiment continued to plateau and was virtually unchanged for the third month in a row," survey director Joanne Hsu said. The index has hovered between 76.9 and 79.4 since January.
However, the long-run business outlook inched up to reach its highest reading since June 2021, though views of personal finances softened, she said.
Political differences offset each other this month. Sentiment declined among Republicans while among Democrats and independents it did not, the survey said.
"Consumers continue to express uncertainty about the future trajectory of the economy pending the outcomes of the upcoming election," Hsu added.
Meanwhile, year-ahead inflation expectations ticked up to 3.2% this month, from 2.9% last month, after recent hotter-than-expected inflation data.
The Federal Reserve's preferred inflation gauge rose 2.7% in data published earlier Friday, above the bank's 2% target.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
04-26-24 1036ET
