Posted on 04/25/2003 7:04:39 AM PDT by Brian S
NEW YORK, April 25 (Reuters) - U.S consumer sentiment rebounded off nine-year lows in April, as the war in Iraq wound down, market sources told Reuters on Friday.
The University of Michigan's final April index of consumer sentiment jumped to 86.0, above economists' expectations of 84.8, from 77.6 in March, the sources said. The final reading for March was the lowest since September 1993, and the April level is still low by historical standards.
The final Michigan index level for April reinforces what other consumer confidence surveys have said this month: Americans are pleased that fighting in Iraq is mostly over and expect the economy to perk up now.
The current conditions index, which tracks consumers' attitudes about their present financial situation, rose to a a final reading of 96.4 from 90.0 in March. The expectations index, which gauges the 12-month outlook, increased to 79.3 from 69.6.
The University of Michigan consumer sentiment survey is based on telephone interviews with 500 U.S. households over the course of the month on personal finances and business and buying conditions. The preliminary survey, released about midway through the month, is based on the first 250 interviews.
Michael
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