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Highlights
January RBC CASH Index dropped to 56.3 and its lowest level since data collection began in 2002 from 65.9 recorded in December. Rising food and fuel costs combined with declining housing values are denting consumer confidence according to the survey of 1,027 Americans taken earlier this week. The RBC Current Conditions Index slid more than six points in January, down to 78.9 compared to 85.3 in December. Worries over the current state of the economy outweighed positive views, with one-third of Americans (32 percent) rating their local economy as weak, considerably more than the 15 percent who rate their local economy as strong.
Consumers' economic outlook plummeted into negative territory. January's reading represents the weakest level of optimism for future conditions since Hurricane Katrina hit. The downturn in the index is being driven by expectations that the economy as a whole will be weaker six months from now. Nearly one in three Americans (27 percent) believes that their local economy will weaken in the coming months; currently, only one in five consumers (19 percent) believe their local economy will be stronger six months from now.
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.
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