Consumer confidence hits 5-year low

Economist: Bleakest outlook since 'Oil Embargo, Watergate'

Consumer confidence took another hit in March, falling to a five-year low, as more Americans expect business conditions and the job market to worsen in the coming months, The Conference Board reported today.

The Consumer Confidence Index dropped to 64.5 this month from a reading of 76.4 in February, with the Expectations Index component plummeting to its lowest level since December 1973.