Consumer sentiment at a 26-year low - Yahoo! News

NEW YORK (Reuters) - Consumer confidence fell for a third straight month in April, hitting its weakest in 26 years, on heightened worries over inflation and the sagging housing market, a survey showed on Friday.
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The Reuters/University of Michigan Surveys of Consumers said its final index of confidence for April fell deeper into recessionary territory, to 62.6 from 69.5 in March and below economists' median expectation of 63.2 in a Reuters poll.

The April result is the lowest since March 1982's 62.0, when the "stagflationary" period of low growth and high inflation was still an issue for many Americans.

Short-dated Treasury debt prices briefly edged higher after the release of the data, while stocks briefly turned negative or extended prior losses.

"More consumers reported that their personal financial situation had worsened than any time since 1982 due to high fuel and food prices as well as shrinking income gains and widespread reports of declines in home values," the survey said.

"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."

Nearly nine in 10 consumers thought the economy was now in recession, Reuters/University of Michigan said.

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