UMich sentiment declines to 75.7 in mid-April

WASHINGTON (MarketWatch)
The preliminary reading for consumer sentiment in April declined to 75.7 from a final March level of 76.2, according to Friday reports on a gauge released by the University of Michigan/Thomson Reuters
Economists polled by MarketWatch had expected a mid-April reading of 76.4
While higher stock prices and employment gains have cheered consumers this year, gas prices are up and conditions in Europe remain a concern
The sentiment gauge, which covers how consumers view their personal finances as well as business and buying conditions, averaged about 87 in the year before the most recent recession
Economists watch sentiment data to get a feel for the direction of consumer spending.