Consumer confidence in the United States improved in April, the University of Michigan said in its latest preliminary survey published on Friday. The consumer sentiment index advanced by 4% on a monthly level, topping the analysts’ expectations and reaching 88.3. Compared to April 2020, the index soared 23%.
Current economic conditions climbed to 97.2, after a 4.5% increase on a monthly basis, and a 30.8% surge compared to the same month the year prior. The index of consumer expectations moved up by 3.8% compared to the previous month’s figure, to amount to 82.7, which is 18% above the level reported in the fourth month of 2020.
“The April survey recorded continued gains in consumer confidence due to a growing sense that the upward momentum in jobs and incomes will persist. The renewed confidence is due to record federal stimulus spending, both recently passed and proposed, as well as the positive impact from a growing share of the population who are vaccinated,” the report elaborated.