After reaching its highest point since the beginning of the recession, 46.7 in June, the RBC Consumer Outlook Index retreated by three points to 43.7 in July.

RBC also found that Americans plan to continue their frugal ways, according to a survey of 1,000 people, with 89% saying they spent either the same amount in the first half of 2011 as they did last year (42%) or that they spent less (47%).

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