News Media Pleased To Report People Are Noticing Their Reports

Today, Reuters and the University of Michigan released their monthly survey of consumer sentiment, which they regret to report has fallen to a 26-year low.

But what effect is this survey really measuring?

In its own words:

More consumers reported hearing news reports of unfavorable economic developments in April than any other time in the fifty years history of the survey, with job losses, rising prices, and the fallout from the housing and credit crisis dominating the reports.