Preliminary April Michigan Consumer Index Drops

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he University of Michigan's preliminary consumer sentiment index for April dropped to 88.7 from 92.6 last month, the lowest level since September 2003, Bloomberg reported Friday.

pril would be the third straight month in which the index has declined. Analysts had projected the index to be between 88 and 94.1, Bloomberg said.

The consumer expectations index, based on optimism about the next one to five years, fell to 79, the lowest in a year, from 82.8 in March.

The university's index of current conditions, which reflects Americans' perceptions of their financial situation and whether it's a good time to make big purchases, also fell, to 103.9 from 108 last month.

The preliminary index is based on a phone survey of about 300 households. The final report for the month, due May 1, will reflect about 500 responses.