ISTANBUL

US consumer sentiment remained below market expectations in April, according to preliminary results from the University of Michigan's consumer survey released Friday.

The index of consumer sentiment fell 1.5 points to 77.9 in April, from 79.4 in March.

The market expectation for the index was to come in at 79.0.

"Consumers perceived little change in the state of the economy since the start of the new year," Surveys of Consumers Director Joanne Hsu said in a statement.

"Expectations over personal finances, business conditions, and labor markets have all been stable over the last four months."

Year-ahead inflation expectations rose to 3.1% in April, up from 2.9% in March when it marked the lowest reading since December 2020.

"A slight uptick in inflation expectations in April reflects some frustration that the inflation slowdown may have stalled," Hsu said. "Overall, consumers are reserving judgment about the economy in light of the upcoming election, which, in the view of many consumers, could have a substantial impact on the trajectory of the economy."