Confidence plummets after rebound

Consumer confidence fell to the lowest level in more than two years in November, due to record oil prices, continued unrest in the housing market and inflation. The RBC Cash Index showed that consumer confidence fell to a reading of 64, down from an October reading of 80.6, when the stock market rebounded after a tumultuous August. The reading marked the lowest point for the survey since it fell to 61.5 in September 2005. "Oil is up, gas prices are higher, home prices are falling, a lot of people are seeing their mortgage rates go up and underwriting standards for loans are tighter," said T.J. Marta, interest rate and economic strategist at RBC Capital Markets. The Current Conditions Index dropped more than 10 points to 90.3 in November, compared to 101.1 reading last month. The Jobs Index fell to 111.8, down nearly 11 points from October's reading of 122.5. The RBC Investment Index, which measures Americans' confidence in their ability to make investments or major purchases, fell to 83.4 from a reading of 92.5 in October.