The economy may not have bounced back, but consumer confidence is on the upswing.
The RBC Index is a monthly national survey of consumer attitudes on the current and future state of local economies, personal finance, savings and confidence to make large investments. The survey is based on 1,002 U.S. adults polled from Dec. 3 to Dec. 6, 2009, by research company
“Traditionally, the holidays are a season of hope and optimism,” explained RBC Capital Markets U.S. Economist Tom Porcelli. “Despite continuing high unemployment and weak assessments of personal finances, the RBC Index shows that American consumers are optimistic that the economy will soon begin to improve.”
Yet, overall consumer confidence is still low and vulnerable to negative news, which may put consumer confidence on a rollercoaster ride in the near- to medium-term. The percent of consumers rating their personal financial situation as “weak” remains at around one-third of respondents, while only 21% rate their current personal finances as strong.
The RBC Jobs Index for December increased 0.5 points to stand at 51.4, up from 50.9 in November. Sixty two percent report they are less confident about job security, down from 66% in November. This is despite the fact that more Americans said they or someone in their close circle has lost a job in the last six months.