A report from the University of Michigan revealed on Thursday the preliminary reading for the Reuters/Michigan index of consumer sentiment fell to 71.0 in early April. That was the lowest reading since October of 2016.

Economists had expected the index would decrease to 75.0 this month from March's final reading of 89.1.

According to the report, the index of current U.S. economic conditions plunged to 72.4 in April from 103.7 in the previous month. Meanwhile, the index of consumer expectations fell to 70.0 this month from 79.7 in March.