Consumer Confidence Sinks To 16-Year-Plus Low

By: Associated Press
By: Associated Press

NEW YORK (AP) - Reports indicate U.S. consumers are the
gloomiest they've been since the tail end of the last prolonged
Inflation, sinking home values and soaring gas prices have
pushed confidence to the lowest level since 1992. Consumers' view
of the economic future has never been lower, raising worries that
already weak consumer spending could deteriorate further.
The Conference Board's consumer confidence index, released
today, fell to 50.4 this month. That's the lowest reading since
February 1992 and half what it was a year ago.
Separately, home prices continued to tumble. April's decline in
the Standard & Poor's/Case-Shiller home price index was the
steepest since it was created in 2000.
On Wall Street, stocks sagged after a day of seesaw trading. The
Dow Jones industrial average fell 34.93 to 11,807.43 after falling
more than 100 points in earlier trading. Broader stock indicators
also fell.

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