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Consumer confidence levels improved considerably in October after tumbling to a 16-month low in September, according to the most recent results of the RBC CASH (Consumer Attitudes and Spending by Household) Index, which measured the attitudes of 1,005 Americans earlier this week, reports MarketingCharts.
Consumer sentiment stabilized across all surveyed areas, with the biggest increases occurring in the areas of economic expectations and current conditions.
However, this improvement was driven not by significant increases in consumer optimism but by a leveling out of pessimism. As a result, the RBC CASH Index for October 2007 stands at 80.6, up more than nine points from its 71.1 level in September.
“After collapsing in September, the RBC CASH Index rebounded in October, with consumers becoming more positive in the wake of the Fed’s rate cut and the calming of the financial markets,” said T. J. Marta, economic and fixed income strategist for RBC Capital Markets. “However, the lack of a complete recovery in the Index shows that August’s credit crisis has had a profound affect on consumers’ psyches, making them view the financial landscape warily.”
The RBC CASH Index is a monthly national survey of consumer attitudes on the current and future state of local economies, personal finance situations, savings and confidence to make large investments. The Index is composed of four sub-indices: RBC Current Conditions Index; RBC Expectations Index; RBC Investment Index; and, RBC Jobs Index.
(Highlights of the sub-indices are available at MarketingCharts.)
Related story:
Consumer Confidence Index Declines Again, Nears Two-Year Low
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