EmailThe University of Michigan Consumer Sentiment Index fell to 72.3 in the preliminary April reading. That is down from 78.6 in March and the lowest reading since July 2012. The Briefing.com consensus expected the index to fall to 78.0. Consumers, bogged down with higher taxes following the fiscal cliff deal and payroll tax cut and dealing with government cutbacks, have been resilient for the first part of the year. That attitude, however, changed dramatically in April and it now seems that the tax hikes and the sequestration are finally impacting consumer behavior. Those factors completely offset the recent stock market gains, which brought most of the major equity indices to historical highs. Fortunately, consumption growth is reliant on income gains and not sentiment. As long as the labor sector continues to improve, consumption should follow with it.
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