Zeta Global , the AI Marketing Cloud, released the Zeta Economic Index (ZEI) for April 2025. Powered by Zeta’s proprietary Generative AI technology and real-time consumer behavior from over 245 million US consumers, the ZEI provides an insightful view of the strength and momentum of the US economy.

April’s data points to continued stability, with the Zeta Economic Index Score staying relatively flat month-over-month (MoM), rising modestly to 69.1, a 1.1% increase MoM. While sentiment indicators softened, core activity metrics remained resilient, suggesting that consumers are adjusting, not retreating.

“We’re not seeing consumers pull back—we’re seeing them think harder before they act,” said David A. Steinberg, Co-Founder, Chairman, and CEO of Zeta Global. “Browsing is up. Credit intent is up. People are still engaged; they’re just being more selective. That kind of nuance doesn’t show up in traditional sentiment surveys, but it’s exactly what Zeta’s real-time data captures. And that’s what gives intelligence-powered businesses an edge in this environment.”

While economic activity remains positive, the pace is measured rather than progressive. With the Fed’s March rate cut now fully absorbed into consumer systems, stability seems to be holding—but not necessarily accelerating. Interestingly, even as consumer sentiment has cooled, spending behavior remains steady. The disconnect between how people feel and how they act continues to quietly sustain economic flow.

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Confidence Wavers: Consumers Remain Active, but with a Cautious Approach

Consumer sentiment in April reflected a more restrained tone. Discretionary Spend Propensity fell 5.5% MoM, while Job Market Sentiment also declined 3.7% MoM, extending a trend of softening outlooks around employment. A similar dip appeared in the New Mover Index (down 4.1% MoM), suggesting hesitation in making major life changes.

But retreat is not the full story. Time Browsing Online jumped 10.5% MoM—marking one of the largest spikes in over a year. Historically, increases in browsing behavior are one of the earliest signs of purchasing intent, suggesting consumers are still moving through the funnel, even if more deliberately.

Credit Line Expansion Intent also grew 6.0% MoM, reinforcing that households are not closing their wallets, but rather approaching financial decisions more cautiously. In short, consumers remain active, but they’re approaching each decision with a more budget-conscious mindset.

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Sector Sentiment Splits: Discretionary Weakens, Healthcare and Tech Rebound

Consumer interest across industries showed realignments in April. Dining dipped by 2.2 points, continuing a longer trend as casual restaurant spending faces pressure from shifting habits and cost concerns.

Meanwhile, tech is seeing a fresh wave of attention, gaining 4.4 points MoM, boosted by a general rise in consumer tech engagement as everyday platforms become more powerful and AI-enhanced. Healthcare also ticked up by 2.8 points as lingering seasonal illness and wellness trends continued to shape activity in the space. Entertainment and Retail both rose by 2.7 points, likely boosted by warmer weather and a spike in cultural moments that tend to drive engagement. From spring fashion drops to major live events, April brought a wave of activity that pulled consumers back into these lifestyle-driven categories.

Financial Services also posted a modest gain, up 1.9 points, as market volatility kept investors on their toes. With headlines shifting by the day, consumers appeared increasingly engaged in tracking and reacting to financial news.

The Zeta Economic Index is publicly available here and is provided as a complimentary service. It should not be considered investment advice or be relied upon to make investment decisions.