Consumer Sentiment Falls on Concerns Over U.S. Wages, Elections
Consumer confidence unexpectedly fell in April to the weakest level in seven months as Americans were rattled by unsatisfying wage growth and concern over how the upcoming presidential election would impact the economy.The University of Michigan’s preliminary sentiment index for this month fell to 89.7, the lowest since September, from 91 in March. The median projection in a Bloomberg survey called for 92. The gauge averaged 92.9 last year, the best annual performance since 2004.
Steady employment gains haven’t yet translated into robust pay increases, leaving Americans impatient as they continue to mend balance sheets. About a fifth of those surveyed mentioned the election or government policy as likely to have negative implications for future economic growth, almost twice as many as in March. “None of these declines indicate an impending recession, although concerns have risen about the resilience of consumers in the months ahead,” Richard Curtin, director of the University of Michigan consumer survey, said in a statement.
Euro is currently being traded few points above 1.1280 level, Sterling is around 1.4180 handle, while Aussie is at 0.77 area.
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