UMichigan/Reuters Sentiment Survey falls to 26 year low in April. | CountingPips Forex & Currency Trading Blog

April 25, 2008 - Forex Economic News

UMichigan/Reuters Sentiment Survey falls to 26 year low in April.

The finalized consumer sentiment survey by the University of Michigan and Reuters fell to its lowest level in over 26 years in April. The consumer sentiment survey fell to a 62.6 score in April after a score of 69.5 in March according to the report released today. The 62.6 survey score is the lowest reading registered by the survey since March of 1982 when the survey recorded a score of 62.0. April's score in the survey is down from a 87.1 score in April 2007. Richard Curtin, Director of the Reuters/UMichigan Surveys, commented in the report that, "The recent acceleration in the loss in confidence indicates a longer and potentially deeper recession," and that "Rising uncertainty about future living standards has caused consumers to adopt more prudent spending plans and become more wary of incurring new debt." The low consumer confidence score was below market forecasts which were expecting the score to match the preliminary score released earlier in the month at 63.2. The expectations index, which measures future economic sentiment, declined from 60.1 in March to 53.3 in April. The next Reuters/UMichigan consumer sentiment report will be the May preliminary report released on May 16th.

Tags: umichigan reuters survey, consumer sentiment, confidence, us economy

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