U.S. consumer sentiment weakened in April as Americans remained concerned about their employment and financial prospects, according to a University of Michigan survey released Friday. The university's final April reading on overall consumer sentiment fell to 76.4 from 78.6 the previous month. Economists had expected a bigger decline. The survey's measure of current economic conditions fell to 89.9 from 90.7 in March, while the gauge of consumer expectations fell to 67.8 from 70.8. Only 23 percent of consumers expected a decline in the unemployment rate during the coming year, while about 75 percent expected an unchanged or higher unemployment rate. Consumers continued to dislike government economic policy, with only 9 percent rating policy favorably, slightly above the record low of 4 percent. Economists closely watch consumer-confidence indexes for clues on consumer spending, which accounts for 70 percent of U.S. economic activity.
