Consumer confidence hits all-time low

The Current Conditions Index shed nearly 17 points to fall to a reading of 40.5, down from a reading of 57.4 last month.
JUN 05, 2008
By  Bloomberg
Confidence among U.S. consumers hit an all-time low this month, as consumers fretted about falling housing prices, rising food and energy prices, and a softening job market, a new reading of consumer attitudes showed. The RBC Consumer Attitudes and Spending by Households Index, compiled by RBC Capital Markets Corp. of New York, fell to a reading of 22.5 this month, dropping from 39 in May. “This was a very stark decline, and it really highlights extreme pressure on the U.S. consumer,” said T.J. Marta, the bank's economic and fixed-income strategist. The Expectations Index, which measures consumers' economic outlook, fell to -43.9 this month, compared with -24.1 in May. The Current Conditions Index shed nearly 17 points to fall to a reading of 40.5, down from a reading of 57.4 last month. The Investments Index fell to a reading of 45.1, compared with 60.7 last month. The Jobs Index, which measures Americans' perception of their job security, fell to 87.3, from 93.7 last month, marking its lowest level since it was first tracked in January 2002. The indexes were compiled from a sample of 1,000 U.S. adults polled between May 29 and June 2 by Ipsos-Reid Public Affairs, a Toronto-based research company.

Latest News

SEC prepares to back away from defending climate rule in court
SEC prepares to back away from defending climate rule in court

Acting Chairman Mark Uyeda directed SEC staff to initiate a pause in court while the commission awaits a quorum. The SEC may decide to withdraw from defending itself in a lawsuit over last year's climate disclosure rule.

wealth.com welcomes Kathy Wunderli in private wealth push
wealth.com welcomes Kathy Wunderli in private wealth push

The top estate planning platform's veteran hire will lead its legal team's efforts to develop estate planning, tax analysis, and wealth transfer solutions for ultra-high-net-worth clients.

Morgan Stanley loses $843,000 investor claim stemming from 'gold bar' scam
Morgan Stanley loses $843,000 investor claim stemming from 'gold bar' scam

“If Morgan Stanley had called my client’s son, this wouldn’t have happened,” the investor's attorney said.

LPL welcomes $630M sibling advisor duo from Corebridge
LPL welcomes $630M sibling advisor duo from Corebridge

Meanwhile, Ameriprise has bolstered its own ranks as an LPL defector joins its branch channel in California.

Treasuries fall as Powell reaffirms rate-cut patience
Treasuries fall as Powell reaffirms rate-cut patience

The Fed chair's continued signals to delay policy easing sent 10-year yields higher, with money markets pricing in just one quarter-point cut this year.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.