U.S. consumers have more confidence in the economy than what they had for the past seven months, but overall sentiment is still dismal, according to a survey released on Friday by University of Michigan and Reuters.
According to the consumer survey results, consumer sentiment rose to a level of 61.9, up from 57.3 in March reaching its highest since the 70.3 recorded in September.
The survey's index of current economic conditions rose to 66.6 in April from 63.3 in March and was the highest reading since December.
The index of consumer expectations rose to 58.9 in April from 53.5 in March and was the highest since September.
While consumers believe the economy may have hit bottom, most consumers believe that when the rebound starts the economy will gain ground very slowly, said survey director Richard Curtin in a press release.
Consumers' financial situations remain dismal as the majority reported that their finances continued to worsen, Curtin added.
The expected inflation for the April took a steep hike to 3 percent up 2 percent in March.