Survey: Consumers' pessimism grows

Consumers in the U.S. feel gloomier than they have since 1980, according to a survey released Friday by the University of Michigan and Reuters.

The consumer sentiment index reached 56.4 in June, the lowest reading since 1980 and third-lowest in the 56 years the survey has been in existence.

In May the consumer sentiment index was at 59.6.

Personal finances were worse than ever before, consumers said, with nine out of 10 saying the economy is in recession.

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- Posted: 2008-06-27 11:06:00

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