The numbers: Consumer sentiment deteriorated near the end of April, according to the latest reading from the University of Michigan.
The final reading of the sentiment survey dropped to 77.2 from 77.9 in early April, the University of Michigan said Friday.
Sentiment had hit 79.4 in March, a 32-month high.
Economists surveyed by the Wall Street Journal had forecast an unchanged final reading of 77.9.
According to the survey, Americans think inflation will average 3.2% in the next year. That’s the highest rate since last November.
Longer-run inflation expectations also edged up to 3%, from 2.8% last month.
Key details: The gauge of consumer views of current conditions fell to 79 from the earlier estimate of 79.3. The index was 82.5 in March.
The gauge of expectations for the next six months dipped to 76 from a preliminary 77. The index was 77.4 in March.
Big picture: Economists said weaker stocks, rising geopolitical tensions and a more hawkish Federal Reserve were all likely causes of the drop in confidence.
What the University of Michigan said: “Overall, consumers continue to express uncertainty about the future trajectory of the economy pending the outcomes of the upcoming election,” said Joanne Hsu, director of consumer surveys at the University of Michigan’s Institute for Social Research.
