Consumer confidence plummets

The weakening economy is rattling consumer and investor confidence, according to a survey by RBC Capital Markets of New York. The bank's February index of consumer attitudes and spending fell almost eight points to 48.5, down from 56.3 in January. The index is now at its lowest level since it was created six years ago. Based on results from 1,006 Americans polled earlier this week, concerns about job security and investing are growing. "This month's reading indicates a very poor mood among consumers who are confronted with news about a housing recession, falling stock prices, problems in the banking system and a deteriorating overall economic environment,” said T. J. Marta, the bank's economic and fixed income strategist. "With consumer spending driving 70% of the U.S. economy, a pullback in spending increases the risk that the country could tip into recession.”