Job Loss, Falling Income, Hit Consumer Sentiment

Ann Arbor, MI, Nov. 26, 2008--U.S. consumer sentiment fell to a 28-year low in November as mounting job losses, falling incomes and tumbling household wealth battered sentiment, a survey showed on Wednesday.

The Reuters/University of Michigan Surveys of Consumers said its final index reading of confidence for November fell to 55.3 from October's 57.6.

The index came in well below economists' expectations of 57.7.

"Consumer confidence fell in the last half of November due to mounting job losses, falling incomes and the evaporation of household wealth," the report said.

"Consumers were unanimous in their recognition that the economy was in recession, and nearly three-in-four expected the recession to deepen in the months ahead."