The University of Michigan Survey exceeds expectations, but continues to decline

Earlier today, consumer confidence at the University of Michigan exceeded expectations, rising to 96.2 from 95.3 in the preliminary reading. Even with the rebound, the overall indicator fell from 101.4 in March, driven by declines in both current conditions and expectations. One reason to look beyond that relatively unimpressive sample was a much stronger number of the Conference Board indicator earlier this week, which reached the highest level since October 2000 this month.