US: UoM Consumer Confidence Index drops to 96.9 (preliminary) vs 98 expected

The University of Michigan announced that the Consumer Confidence Index in its preliminary reading fell to 96.9 in April from 98.4 in FMarch and came in below the market expectation of 98.

Key takeaways from the press release

• Consumer confidence continued its sideways shuffle in early April, posting an insignificant decline following the small gain recorded last month.
• The impact of the tax reform legislation on consumer confidence has all but disappeared
• What has been of increasing importance to consumers are rising nominal incomes, and low inflation, producing strong gains in inflation-adjusted incomes.

April (preliminary) results

• Index of Consumer Sentiment at 96.9 vs 98.4 in March.
• Index of Current Economic Conditions at 114.2 vs 113.3 in March.
• Index of Consumer Expectations at 85.8 vs 88.8 in March.