Consumer sentiment edged lower in April, which could have an effect on the spending habits of many Americans when it comes to making major investments, such as purchasing property,
The most recent Thomson Reuters/University of Michigan Consumer Sentiment index dipped to 75.7 in April from 76.2 the previous month. The highest score attainable on the index is 100.
"The current conditions had a surprising decline of almost 6 points which, to us, is a bit disconcerting because it probably confirms some of the weakness in the March employment report, but it also may reflect some of the declines in equity prices recently," Nomura Securities economist Jeffrey Greenberg told Reuters.
The outcome of the report was surprising to a number of industry experts after a preliminary survey from Econoday expected consumer sentiment to remain unchanged at an index of 76.2.
As the level of sentiment edges lower, if could affect the safety and soundness consumers feel when it comes to purchasing property. However, future expectations for consumer sentiment rose to the highest level recorded in nearly two and a half years, which could result in an upswing in buying activity in the near future.