• Prelim was 47.6
• Prior was 53.3

Details:

• Conditions 52.5 vs 50.1 prelim (55.8 in March)
• Expectations 48.1 vs 46.1 prelim (51.7 in March)
• 1-year inflation 4.7% vs 4.8% prelim (Prior was 3.8%)
• 5-year inflation 3.5% vs 3.4% prelim (Prior was 3.2%)

This is a modest recovery from the preliminary survey, likely as oil came down from a couple weeks ago and stock markets recovered.

For backround, the University of Michigan’s Surveys of Consumers, housed at the university’s Institute for Social Research, is one of the longest-running gauges of U.S. household attitudes, with continuous monthly data stretching back to 1978 and roots in surveys conducted by economist George Katona beginning in the late 1940s. Now directed by Joanne Hsu, it produces two releases each month: a preliminary reading around the second Friday, and a final reading roughly two weeks later, typically on the last Friday of the month at 10:00 a.m. ET. The final release incorporates a fuller sample and can shift meaningfully from the preliminary number, especially when events mid-month move public opinion.

The headline Index of Consumer Sentiment (ICS) is built from a monthly survey of roughly 600 to 900 households covering views on personal finances, business conditions, and buying conditions for durable goods. It is split into two sub-indexes — the Index of Current Economic Conditions (ICC), which captures how households feel about their situation now, and the Index of Consumer Expectations (ICE), which looks six months to five years ahead. The ICE feeds into the Conference Board’s Leading Economic Index, giving the survey influence beyond its own release.

Markets also watch the survey’s inflation expectations series closely. Respondents are asked what they expect price changes to be over the next year and over the next five to ten years, and the long-run measure in particular is treated by the Federal Reserve as a key gauge of whether inflation expectations are staying anchored.

The Michigan survey is often compared with the Conference Board’s Consumer Confidence Index. Both track household attitudes, but Michigan leans more heavily on personal finances and inflation, while the Conference Board is more sensitive to labor market conditions — and the two can diverge for months at a time.