(fxcue news) - A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. deteriorated modestly less than previously estimated in the month of April. The University of Michigan said its consumer sentiment index for April was upwardly revised to 52.2 from a preliminary reading of 50.8. Economists had expected the index to be unrevised. Despite the upward revision, the consumer sentiment index is still down sharply from 57.0 in March and marks its lowest level since hitting 51.5 in July 2022. The steep drop by the headline index came as the index of consumer expectations tumbled to 47.3 in April from 52.6 in March, while the current economic conditions index slumped to 59.8 in April from 63.8 in March. "Consumers perceived risks to multiple aspects of the economy, in large part due to ongoing uncertainty around trade policy and the potential for a resurgence of inflation looming ahead," said Surveys of Consumers Director Joanne Hsu. "Labor market expectations remained bleak." "Even more concerning for the path of the economy, consumers anticipated weaker income growth for themselves in the year ahead," she added. "Without reliably strong incomes, spending is unlikely to remain strong amid the numerous warnings signs perceived by consumers." The report also said year-ahead inflation expectations surged to 6.5 percent in April from 5.0 percent in March, reaching the highest reading since 1981. Hsu noted the spike by year-ahead inflation expectations, which marked four consecutive months of unusually large increases, was seen across all three political affiliations. "After the April 9 partial pause in tariff increases, inflation expectations ebbed but remained substantially elevated relative to March," Hsu said. Long-run inflation expectations also climbed to 4.4 percent in April from 4.1 percent in March, reflecting a particularly large jump among independents.