The University of Michigan consumer sentiment index was revised upwards Friday to a reading of 49.8 for April from the 47.6 print in the preliminary estimate, compared with expectations for a smaller upward revision to 48.5 in a survey compiled by Bloomberg.
The index was still below the final reading of 53.3 in March.
The current conditions index was revised upwards to 52.5 from a 50.1 preliminary estimate, lower than the 55.8 reading in March, while the expectations index was revised upwards to 48.1 from 46.1. The index was 51.7 in March.
Respondents expected a 4.7% inflation rate over the next year and 3.5% annual inflation over the next five years, up from 3.8% and 3.2% respectively in March.
Michigan said that sentiment declined in April across the political spectrum despite an improvement later in the month after a two-week ceasefire in Iran was announced.
The twice-monthly Michigan Sentiment index measures consumer sentiment early in the current month (the preliminary estimate) and is then revised later in the month (the final estimate).
The headline index is a combination of the current assessment and expectations for the near future. An increase in the reading suggests consumers are more confident, a positive for stocks if that confidence translates into spending.