by Calculated Risk on 4/12/2013 09:59:00 AM

Click on graph for larger image.

The preliminary Reuters / University of Michigan consumer sentiment index for April declined to 72.3 from the March reading of 78.6.

This was well below the consensus forecast of 79.0. There are a number of factors that impact sentiment including unemployment, gasoline prices and, for 2013, the payroll tax increase and even politics (sequestration, default threats, etc).

Sentiment is mostly moving sideways at a fairly low level (with ups and downs).