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Data: University of Michigan; Chart: Axios Visuals

U.S. consumer sentiment suffered a record decline in April, according to the latest poll from the University of Michigan, but respondents are still irrationally confident about the future, the survey's director says.

What happened: The survey's gauge of preliminary consumer sentiment sank 18 points to 71, its lowest since 2011.

  • A measure of current conditions plunged by more than 31 index-points, nearly twice the previous record, while a measure of future expectations dropped by just under 10 points.

What they're saying: "[A]nticipating a quick and sustained economic expansion is likely to be a failed expectation, resulting in a renewed and deeper slump in confidence," Richard Curtin, Michigan's surveys of consumers chief economist, said in a statement.

  • "Consumers need to be prepared for a longer and deeper recession rather than the now discredited message that pent-up demand will spark a quick, robust, and sustained economic recovery."
  • "Continued declines in the seven-day average Sentiment Index can be expected in the weeks ahead (see the featured chart). Sharp additional declines may occur when consumers adjust their views to a slower expected pace of the economic recovery."

Go deeper: The next economic crisis will hit states and cities

Go deeper

4 mins ago - Health

Treasury begins dispersing $350 billion in COVID relief funding to states and localities

Photo: Tasos Katopodis/UPI/Bloomberg via Getty Images

The U.S. Treasury on Monday began giving state and local governments access to $350 billion in emergency funding from the American Rescue Plan, the department announced Monday.

Why it matters: Though the money is aimed at helping state, local, territorial and tribal governments recover from the pandemic's economic fallout, the administration will generally give them wide latitude on how they can use the funds.

Game developers break silence around salaries

Illustration: Annelise Capossela/Axios

Developers are sharing their salaries on Twitter under the hashtag #GameDevPaidMe to encourage pay transparency in their industry.

The big picture: The hashtag started circulating last year, but has returned periodically as developers fight for better working conditions. Salary sharing is a way to equalize the field. By removing the secrecy, as well as the stigma, around discussing pay, workers have more power to advocate for themselves when negotiating salaries and raises.

31 mins ago - World

Jerusalem crisis: Hamas fires rockets, Israel begins military campaign

Palestinian protesters and an Israeli police officer near the Damascus Gate. Photo: Amir Levy/Getty Images

Days of tensions in Jerusalem escalated into an exchange of fire on Monday, as Hamas fired dozens of rockets toward Israel and the Israeli military responded with strikes of its own and said it was preparing for a military operation that could last several days.

Why it matters: This is the first time Hamas has fired rockets at Jerusalem since 2014, and the most serious escalation between the Israelis and Palestinians in many months. It comes during the most sensitive days on the calendar — the last days of Ramadan and the Jerusalem Day commemoration on Monday — and amid political crises in both countries.

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