uscitizen
Villified User
The Reuters/University of Michigan Surveys of Consumers said its preliminary index of confidence fell to 63.2 in April from 69.5 in March, well below economists' median expectation of a 69.0 reading.
The April result was the lowest since March 1982's level of 62.0, when the "stagflationary" period of low growth and high inflation was still fresh in the memory of many Americans.
"It's really bad," said Carl Lantz, interest rate strategist at Credit Suisse in New York. "We are definitely in recession territory. It confirms what we already know now, that we are in a consumer-led recession, and it's going to be a pretty protracted one."
In more bad news for the economy, the Labor Department said U.S. import prices rose a more-than-expected 2.8 percent in March as petroleum prices jumped 9.1 percent.
http://www.reuters.com/article/businessNews/idUSN1144771920080411?feedType=RSS&feedName=businessNews&rpc=23&sp=true
The April result was the lowest since March 1982's level of 62.0, when the "stagflationary" period of low growth and high inflation was still fresh in the memory of many Americans.
"It's really bad," said Carl Lantz, interest rate strategist at Credit Suisse in New York. "We are definitely in recession territory. It confirms what we already know now, that we are in a consumer-led recession, and it's going to be a pretty protracted one."
In more bad news for the economy, the Labor Department said U.S. import prices rose a more-than-expected 2.8 percent in March as petroleum prices jumped 9.1 percent.
http://www.reuters.com/article/businessNews/idUSN1144771920080411?feedType=RSS&feedName=businessNews&rpc=23&sp=true
