ANN ARBOR, Mich., April 29 (UPI) -- U.S. consumer confidence sank in April to the lowest level since September 2003 because of worry over rising prices and interest rates and poor job prospects.
The University of Michigan, which issues the monthly report, said Friday it was the fourth consecutive monthly decline in the index.
The Index of Consumer Sentiment was 87.7 in the April survey, down from 92.6 in March and 94.2 recorded in April 2004. Wall Street analysts had expected the April figure to come in at 89.
"While the buzz was about gas prices, especially among lower income households, all consumers have become more concerned about their future job and income prospects," said Richard Curtin, director of the survey report.
Without a quick reversal of the confidence index, experts said the growth rate in consumer spending will be slower than originally anticipated.
The survey also noted that Index of Consumer Expectations, a closely watched component of the Index of Leading Economic Indicators, fell to 77 in April from 82.8 in March and 87.3 in April 2004.
