Americans were much less optimistic about the outlook for the economy in early April, the latest sign of expectations for a sustained slowdown in growth.
Consumer confidence fell to 96.9 at the beginning of the month, according to the University of Michigan's consumer sentiment index, compared with expectations for a reading of 98.2.
Consumer confidence fell to 96.9 at the beginning of the month from 98.4 in March, the University of Michigan's index indicated in its preliminaryWhile consumers saw conditions in April as better than the previous month, their medium-term outlook for the economy fell sharply. Expectations for five years in the future fell to the lowest level since January 2018.
"The data do suggest that consumers thought that its stimulative impact on the overall economy has now run its course," said the survey's chief economist, Richard Curtin.
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