NEW YORK — Not since George H.W. Bush ran the White House have consumers felt so downbeat about the economy. And the catalyst for much of the gloom — the housing slump — shows no signs of abating, new data yesterday showed.

With Americans losing sleep over rising inflation and tight credit, the housing market is unlikely to rebound soon, spelling more pain for the economy.

"The consumer has no more money to spend," said Dan Alpert, managing director at the investment bank Westwood Capital. "The only way the economy is not going to recede is if someone cooks the books."

Consumer sentiment fell to its lowest level since October 1992 when the economy was coming out of a recession, the New York-based Conference Board said yesterday. Economists monitor sentiment because consumer spending accounts for more than two-thirds of the nation's economic activity.

Retiree Irene Arnold, of Butler, Wis., is uneasy about the economy, especially as she watches food prices skyrocket each trip to the store.

"You go to the store and you can't get too many groceries for your money," said Arnold, who is cutting back on pricier items like meat, milk and fruit. "It seems like you don't have to have too much in your basket and the cost is really high."

Gas prices top Becky Diedrich's list of worries. The 43-year-old accountant in Franklin, Wis., is looking to replace the family minivan and most likely will go with a hybrid to help save at the pump.

She wonders how high gas will go.

Gas prices hit another record high yesterday at almost $3.94 a gallon — just a day after the unofficial start of the summer driving season, according to a survey of stations by AAA and the Oil Price Information Service.

While higher food and gas prices eat into Americans' wallets and incomes, falling home prices are eroding the value of their largest asset.

U.S. home prices dropped at the sharpest rate in two decades during the first quarter, the Standard & Poor's/Case-Shiller national index showed yesterday, a somber indication that the housing slump continues to deepen.

Prices tumbled more than 14 percent during the quarter and are at levels not seen since the third quarter of 2004. While the index is still up 60 percent from 2000, millions of homeowners who bought in the past four years with little or no money down now owe more than their homes are worth.