Consumer Confidence Plunges in April

Yet another economic report provided grim news in the wake of COVID-19’s spread.

The University of Michigan’s Index of Consumer Sentiment has come in at 71.8 for the month, down 26.1 percent year over year and 19.4 percent month over month. Current Economic Conditions came in at 74.3, dropping 33.8 percent from last year and 28.4 percent from March.

“While the decline in both indices indicates an ongoing recession, the gap reflects the anticipated cyclical nature of the coronavirus,” said Richard Curtin, a chief economist at the University of Michigan, “In the weeks ahead, as several states reopen their economies, more information will reach consumers about how reopening could cause a resurgence in coronavirus infections.”

Read the full report here.