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RBC: consumer confidence drops
11/05/2009
As people continue to struggle with money management and personal budgeting, a recent index shows that their confidence is faltering.
According to the Royal Bank of Canada's Consumer Attitudes and Spending by Household Index, American consumer sentiment saw a sharp decline for November, sitting at 30.2 after being at 51.8 in October. The RBC credits the drop with people worrying about unemployment, high gas prices and volatility in the stock market.
Ira Jersey, head of U.S. interest rate strategy for RBC Capital Markets, said that Americans haven't been convinced that financial and unemployment situations are firm.
"Although we have pulled back from the abyss, consumer attitudes remain susceptible to negative news," Jersey said.
The findings from the RBC come despite the fact that the economy has experienced growth. The nation's gross domestic product went up by 3.5 percent in the third quarter, a sign to many economists that the greatest recession since World War II has come to an end.
Some analysts note that until people feel improvement in their own job situations, confidence in the economy will not improve.
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