Consumer Sentiment Slides in April

New York, NY, April 27, 2007--Consumer sentiment, according to the Reuters/University of Michigan Surveys of Consumers, slid 1.3 points to 87.1 in March. It was the third straight monthly fall in the index.

The level in April was the lowest in seven months but was better than first estimated this month and above forecasts due to optimism over the recent stock market rally, a survey showed on Friday.

Analysts had forecast a level of 85.2 in April.

The statement accompanying the report said, "The small rebound in late April was due to diminished concerns among high income households, with the gains especially strong during the past week when stock prices recorded new record highs."

The survey's gauge of current economic conditions rose to 104.6 from 103.5 in March. Its measure of consumer expectations fell to an eight-month low of 75.9 from 78.7.