The University of Michigan’s preliminary April reading, down from 53.3 in March and below analyst expectations, marks the lowest level in the survey’s more than 70-year history. The previous low of 50 was recorded in June 2022, during a period of elevated inflation. Much of the April data was collected before a tentative ceasefire, meaning the final reading later this month may shift, but the initial figure reflects a sharp deterioration in consumer outlook.
