US consumer sentiment rebounds from lowest level in decade

By Ovunc Kutlu

ANKARA (AA) - US consumer sentiment in April rebounded from its lowest level in the past decade that was recorded in March, according to a University of Michigan survey released Thursday.

The index of consumer sentiment increased 6.3 points to 65.7 in April, from 59.4 in March, according to preliminary results of the survey compiled from around 500 consumers.

The index of current economic conditions rose 0.9 points to 68.1 in April, up from 67.2.

The index of consumer expectations soared 9.8 points to 64.1, from 54.3.

"Consumers still anticipate that the national unemployment rate will inch downward, acting to improve consumers' outlook for the national economy," Richard Curtin, chief economist with Surveys of Consumers, said in a statement.

"There are still significant sources of economic uncertainty that could easily reverse the April gains, including the impact on the domestic economy from (Russian President Vladimir) Putin's war, and the potential impact of new COVID variants," he said.

Curtin noted that retail gasoline prices have fallen since peaking in March and that was immediately recognized by consumers.

He added that the shift in gasoline price expectations may be partly due to US President Joe Biden's announcement of releasing strategic oil reserves and relaxing seasonal Environmental Protection Agency rules.