One-third of Americans are worried about losing their jobs, according to a release from RBC which included data from the Index and an Ipsos poll conducted August 26-30, and 47% say they know someone who lost their job as a result of economic conditions. Businesses are generally viewed as less stable than they were a year ago. Almost half of consumers think retail stores are getting weaker, and 43% say restaurants are weaker. Consumers are still wary of banks' strength, with 44% reporting low confidence in Wall Street banks, and 38% saying community banks are weaker.
The housing and construction sectors haven't fared any better. According to the RBC release, 40% of consumers expect home prices in their neighborhood to fall in the next 12 months, compared with 31% in August. Almost 60% of consumers said the construction and homebuilder sector is weaker than it was a year ago.
Despite these fears, Americans are confident about their own financial futures. Twenty-seven percent of consumers feel their financial situation will improve in the next six months, while 21% feel it will be weaker. Almost one-quarter expect their debt levels to fall, up from 21% in August.
Consumers are still wary about investing in stocks, however. Over 40% said now was a bad time for equities. Forty-five percent say the economy will get worse in the next quarter, and 59% say they local economy is weak.
Read about how the financial reform bill affected consumers' confidence in a story from the archives at InvestmentAdvisor.com.
