The preliminary April UoM consumer confidence index slipped to 77.9 from 79.4 and that was 1.1 pts below expectations of 79. Most of the weakness was in the Current Conditions component which fell 3.2 pts m/o/m. Expectations were lower by .4 pts. One year inflation expectations ticked up by 2 tenths to 3.1% as did the 5-10 yr inflation guess to 3.0%. Much of the influence was the 4 pt rise to a 5 month high in those who think gasoline prices will go up in the coming 12 months. As a result, the mean % of those expecting family income will exceed inflation over the next 5 years fell to a 5 month low at 35.1%.
Employment expectations rose 2 pts but after falling by 2 pts last month. The net income component was unchanged m/o/m.
Spending intentions were notable as they collapsed by 19 pts for a vehicle to a 4 month low. As for buying a home, that fell 5 pts but did rise 4 last month. There was a 1 pt decline for those saying it’s a good time to buy a major household item.
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