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US consumer confidence crumbles US consumer confidence crumbles
(10 minutes later)
US consumer sentiment is now at its lowest level in 26 years, a closely-watched survey has found.US consumer sentiment is now at its lowest level in 26 years, a closely-watched survey has found.
With sentiment knocked by recession fears, the University of Michigan's index of confidence fell to 63.2 for April from 69.5 in March.With sentiment knocked by recession fears, the University of Michigan's index of confidence fell to 63.2 for April from 69.5 in March.
This month's figure is the lowest since March 1982, when the US economy was deep in an economic downturn.This month's figure is the lowest since March 1982, when the US economy was deep in an economic downturn.
It is just the latest study to show that US consumer confidence has fallen sharply in recent months.It is just the latest study to show that US consumer confidence has fallen sharply in recent months.
'Consumer-led recession'
"There have only been a dozen other surveys that have recorded a lower level of consumer sentiment in the more than 50-year history of the survey," said the University of Michigan.
It confirms what we already know, that we are in consumer-led recession, and it's going to be a pretty protracted one Carl Lantz of Credit Suisse
It found that respondents were concerned about "persistently high food and fuel prices, as well as rising unemployment".
The figure for April was much worse than analysts' expectations.
"We are definitely in recession territory," said Carl Lantz of Credit Suisse.
"It confirms what we already know, that we are in consumer-led recession, and it's going to be a pretty protracted one."