Americans continue to feel good about the economy, according to the latest University of Michigan Surveys of Consumers.

Much like February and March, consumers saw few changes that affected their opinion about the economy in April either positively or negatively.

What You Need To Know

  • Consumer sentiment held steady in April, according to the latest University of Michigan Surveys of Consumers

  • It's the third consecutive month of consumer sentiment remaining virtually unchanged

  • The long-term business outlook reached its highest reading since June 2021

  • Consumers' views of their personal finances fell slightly, reflecting unhappiness with high prices

“For a third consecutive month, sentiment has been virtually unchanged, as consumers perceived few developments this year that would take the economy off of its current path,” Surveys of Consumers Chief Economist Joanne Hsu said in a statement Friday.

While the long-term business outlook in April reached its highest reading since June 2021, consumers’ views of their personal finances fell slightly, reflecting their unhappiness with high prices.

Most consumers recognized inflation has fallen over the last two years and do not expect inflation to roar back. Still, 38% of consumers said high prices had eroded their living standards, particularly for food, up from 33% in March.

Views about the economy are partisan, with consumer sentiment among Democrats and independents roughly equal to last month compared with Republicans, whose views about the economy fell 10% based on their personal finances, buying conditions for durable goods and year-ahead business conditions.

Members of all three political groups said their opinions about the economy in the future are contingent on the outcome of this November’s election.