Consumer Payment Card News

Yoyo Economy

A monthly tracking poll found a strong bounce in overall consumer confidence over the economy in August after falling into the abyss the prior month. The “RBC CASH” (Consumer Attitudes and Spending by Household) Index saw improvement in all four of its sub-indices. The “Index” for August stands at 37.5, a 15.1 point increase from July’s 22.4 reading. The “Expectations Index” for August rose to 29.1, up 24.3 points from July. The “Expectations Index” for August surged to 29.1, up 24.3 points from July. The “Investment Index” increased to 43.9, a 13-point increase from July’s level. The “Jobs Index” for August rose to 53.2, up 2.7 points from July. However, despite the uptick, the “Jobs Index” remains well below the 85.8 level recorded a year ago. RBC noted that 64% of American consumers continue to say they or someone in their close circle have lost a job in the last half-year, the same rate observed over the last five months.

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