Consumer Confidence Hits 26-year Low

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. (More recession stories.)