Consumer Confidence Hits 26-year Low

Inflation, housing put people in a funk; most call it a recession
By Kevin Spak,  Newser Staff
Posted Apr 25, 2008 10:59 AM CDT
Ellie Lento fills her vehicle with gasoline at a BJ's Wholesale Club in Colonie, N.Y., Wednesday, Nov. 21, 2007.    (AP Photo/Mike Groll)
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(Newser) – Consumer confidence fell to a 26-year low in April, as the public fretted over inflation and housing, Reuters reports. The index fell to 62.6, surpassing the 63.2 analysts had predicted. Nearly 90% said the economy is in recession. Respondents also said they were unlikely to spend their stimulus or tax-rebate checks, planning instead to save them or pay down debt.

"Never before in the long history of the surveys have so many consumers reported hearing news of unfavorable economic development as in the April survey," the survey said.