Consumer Confidence Gets Revised Up And Beats Expectations
The headline index fell to 76.4 from last month's 78.6 reading.
However, 76.4 is well above both the flash estimate published by Michigan earlier this month (72.3) and economists' predictions for today's release (73.5).
The sub-component index of current conditions came in at 89.9, below last month's 90.7 reading but above the April flash estimate of 84.8.
The economic outlook sub-component fell to 67.8 from last month's 70.8 reading, but was above the flash estimate of 64.2.
In short, consumer confidence in April was lower than it was in March, but there seems to have been a bit of a rebound in confidence in the second half of the month.
Inflation expectations 1 year ahead fell to 3.1% in April from 3.2% in March.
Inflation expectations 5 years ahead rose to 2.9% from 2.8% last month.