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After growing increasingly pessimistic about the economy through 2022, Americans are suddenly finding some bright spots.unexpectedly rebounded to 65.7 in early April from 59.4, according to data out Thursday morning. That trounced the median forecast of 59.0 from economists surveyed by Bloomberg. It also marked the first uptick since December 2021 and the largest one-month improvement since 2013.
The jump was almost entirely fueled by rosier outlooks toward the economy's future, Richard Curtin, chief economist at the University of Michigan's Surveys of Consumers, said. The expectations index soared to 64.1 from 54.3, buoyed by a nearly 30% jump in the year-ahead outlook for the US economy. Respondents also recorded a 17.2% gain in their personal finance expectations despite soaring inflation.
Higher hopes for wage gains also lifted the headline index. Workers under age 45 see wages rising 5.3% in the coming year, according to the survey. That's the largest anticipated gain since April 1990, Curtin said. Attitudes toward the present-day economy also turned more encouraging, but at a much slower clip. The index of current economic conditions rose to 68.1 from 67.2, reflecting a slightly more optimistic view of the recovery as it stands.
To be sure, the improvement only snaps a months-long downward streak and overall sentiment remains lower than almost every other month in the past decade.
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