NEW YORK – U.S. consumer sentiment fell in April as concerns about higher gasoline prices overshadowed a buoyant stock market and strong job growth, a report showed Friday.
The University of Michigan's final April index of consumer sentiment was 87.4, down from March's final reading of 88.9 and April's preliminary reading of 89.2, said sources who saw the subscription-only report.
The median forecast of Wall Street economists polled by Reuters was for a 89.0 reading, according to a poll of 53 economists.
The survey's index of current conditions edged up to 109.2 in April from 109.1 in March, while consumer expectations fell to 73.4 from 76.0.
Confidence measures are often used as a gauge of future spending patterns. Consumer spending accounts for about two-thirds of overall U.S. economic activity, but in recent years confidence measures have been a weak guide to actual spending plans.