NEW YORK, Sept. 14 (Xinhua) -- Subprime worries, softening job markets, rising gas prices and an unstable stock market have taken a serious toll on consumer sentiment, said a latest survey released on Friday.
Consumer confidence tumbled across the board, reaching the lowest level since May 2006, as Americans view the current economy negatively and display growing pessimism about the future, according to the most recent results of the RBC CASH (Consumer Attitudes and Spending by Household) Index, which measured the attitudes of 1,000 Americans earlier this week.
As a result, the overall RBC CASH Index stands at 71.1 for September 2007, more than 18 points below August's 89.3 level.
"The magnitude in the drop of consumer confidence is not surprising given the rocky economic ride consumers are experiencing," said T. J. Marta, Economic and Fixed Income Strategist for RBC Capital Markets.
"Americans have a dim view of their current financial situation and an even bleaker view of their future prospects. Although some of the factors weighing on consumers could dissipate in coming weeks, the decline in confidence is consistent with our view that U.S. economic growth will moderate through the remainder of the year," he added.
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.