Consumer Payment Card News

No Confidence

While some recent surveys have pointed to some stabilization in consumer confidence, another “Index” is showing an all-time low for June. The “RBC CASH Index” for June, now stands at 22.5, dropping nearly 17 points below last month’s level. RBC says that despite economic stimulus checks, Americans are under extreme and growing financial pressure from falling housing prices, rising food and energy prices and a softening job market. The monthly survey found that more than one-third of Americans believe that their local economy will weaken in the coming months. The only bright spot is that consumers’ expectations about their personal finances show signs of stabilizing. Currently, 31% of consumers report they believe their personal finances will be stronger in six months, compared to 26% in August. And, although housing prices continue to drop, only 33% of consumers believe the next month will be a good time to buy real estate, down from 37% in May. The entire “RBC CASH Index” report can be viewed at: “http://www.rbc.com/newsroom/rbc-cash-index.html”:http://www.rbc.com/newsroom/rbc-cash-index.html

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