Consumer confidence drops to 5-year low in March

NEW YORK — Consumer confidence sank to a five-year low in March as tight credit markets, rising prices and worsening job prospects made many worry that the economy has fallen into recession. The Conference Board, a business-backed research group, said its Consumer Confidence Index plunged to 64.5 in March from a revised 76.4 in February. That was far below the 73.0 expected by analysts surveyed by Thomson/IFR. The index has been weakening since July, and is watched because lower consumer confidence tends to result in lower consumer buying, which is a drag on the economy. For the full story visit http://www.latimes.com/business/la-fi-econ26mar26,1,3312400.story