The University of Michigan issued the latest consumer sentiment stats at 10 a.m. Almost as worrying as consumers' poor expectations for economic growth are their robust expectations for inflation. From AP:

An early advance fizzled on Wall Street Friday after a consumer sentiment reading fell to its lowest level in more than 25 years and a disappointing forecast from Microsoft Corp. weighed on technology issues.

The Reuters/University of Michigan consumer sentiment index came in at 62.6 for April, down from 69.5 a month earlier — and the lowest reading since the early 1980s — as Americans contended with rising energy and food prices. Consumers' flagging mood is worrisome for Wall Street because consumer spending accounts for about 70 percent of U.S. economic activity.

From Dismal Scientist:

The University of Michigan consumer sentiment index dropped 6.9 points in April from the March average, according to final data. The index came in at 62.6, which was 0.6 points below the preliminary reading and the lowest reading for the index in 26 years. The decline from March was fairly evenly split between the expectations and current conditions components, although the latter was responsible for most for the decline in the second half of the month. Near-term inflation expectations rose very sharply, while long-term expectations also rose significantly.