Failure of consumer confidence gains steam

Two indicators measuring consumer sentiment plummeted today, affirming that consumers are growing more pessimistic about the state of the economy. The RBC CASH Index fell to 29.5 in April, down from 33.1 in March — an all-time low since it made its debut in January 2002. This month's negative reading continues the index’s downward spiral from 48.5 in February, 56.3 in January and 69.5 in December. The Expectations Index, which measures consumers’ economic outlook, plummeted to -48.3 this month, down from -41.6 in March. The Current Conditions Index inched downward to 54.6 in April, compared to 54.7 last month, as more consumers expressed negative views about the state of their local economies. The Investment Index, which stands at 56.4, fell from 56.7 in March. The Jobs Index, which measures Americans’ perception of their job security, fell to a four-year low of 97, down from 99.2 last month. The index, which is released on a monthly basis by RBC Capital Markets of New York, was compiled from a sample of 1,005 U.S. adults polled between April 7 and April 9. In more sour economic news, the Reuters/University of Michigan Surveys of Consumers’ preliminary index of confidence fell to 63.2 in April, down from 69.5 in March, marking the index’s lowest reading since 1982. Reuters is based in New York, and the University of Michigan is located in Ann Arbor.