02:49 PM EDT, 04/12/2024 (MT Newswires) -- The preliminary Michigan Sentiment index fell to 77.9 in April from 79.4 in March, with declines in both the consumers' assessment of current conditions and the near-term outlook.

The inflation outlook worsened, with 1-year expectations now at 3.1% after 2.9% in March and 5-year expectations rising to 3.0% from 2.8%. Michigan said that consumers have seen little change in the economy in 2024, but believed the outcome of the election this fall will significantly impact the economy going forward.

Import prices rose by 0.4% in March but were flat when a 6% jump in petroleum prices is excluded. Import prices were up 0.1% excluding a 4.7% gain in all fuels.

Export prices rose by 0.3% in March and were up 0.4% excluding a 0.7% drop in agricultural prices.

The St. Louis Fed's GDP nowcast estimate for Q1 was revised up to 1.54% from the 1.4% estimate a week ago.