Confidence collapses as inflation climbs

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.