Americans' attitudes toward the economy remain stable despite disappointing inflation reports

CNN – Washington (CNN) – Americans have been no better when it comes to the economy in recent months, but they haven't been any worse either. That's notable because disappointing inflation reports have sent Wall Street into a tailspin.

The latest consumer survey from the University of Michigan showed that sentiment remained largely stable in April according to preliminary readings, falling from 79.4 to 77.9. Sentiment is well above the record lows of summer 2022, when inflation hit 40-year peaks, but is still below pre-pandemic levels.

“Sentiment moved sideways for a fourth straight month as consumers perceived few meaningful developments in the economy,” Joanne Hsu, the university’s director of consumer surveys, said in a news release.

“Overall, consumers are cautious about assessing the economy in light of the upcoming elections, which many consumers believe could have a significant impact on economic performance,” she added.

Meanwhile, US consumers' inflation expectations remain under control, rising only slightly in April. The Federal Reserve cares about whether Americans believe that inflation will eventually return to normal levels.

This story is evolving and will be updated.

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