The University of Michigan’s preliminary consumer sentiment index for April fell to 89.7.
Economists had forecast that the index improved to 92 from a final March reading of 91, according to Bloomberg.
The prior release said that consumers were not worried about their personal finances even though they expected higher unemployment and gas prices.
“None of these declines indicate an impending recession, although concerns have risen about the resilience of consumers in the months ahead,” said the Surveys of Consumers chief economist Richard Curtin.
The report showed that consumers expected a slowdown in wage growth, and a slower pace of job creation alongside lower economic growth. Some forecasts, including the Atlanta Federal Reserve’s, show that the economy almost contracted in the first quarter.
“These apprehensions should ease as the economy rebounds from its dismal start in the first quarter of 2016,” Curtin said.
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