April 25, 2008
Consumer confidence falls to 26-year low
From a Reuters story published today:
NEW YORK - Consumer confidence fell for a third straight month in April, hitting its weakest in more than a quarter century on heightened worries over inflation and the sagging housing market, a survey showed on Friday. The Reuters/University of Michigan Surveys of Consumers said its final index of confidence fell deeper into recessionary territory, to 62.6 from 69.5 in March. This was just below economists’ median expectation of a reading of 63.2, according to a Reuters poll. The April result is the lowest since March 1982’s level of 62.0., when the “stagflationary” period of low growth and high inflation was still an issue for many Americans.
Everyone here in the newsroom knows I love the term "stagflation," but this is starting to feel a little like the early 80s to some... how about you?
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