Consumer Confidence Hits New Low, Again

Washington, DC, April 11, 2008--Confidence in the economy fell to a new low for the early part of April.

According to the RBC Cash Index, confidence dropped to a mark of 29.5, down from 33.1 in March. The reading was the worst since the index began in 2002. It marked the fourth consecutive new low.

Consumer confidence has deteriorated significantly over the last year due to problems in the housing and credit markets, and higher energy prices, among other factors. Last April, confidence stood at 85.4.

A measure looking at consumer's feelings about current economic conditions fell to 54.6 in April, from 54.7 in March. The new reading was the lowest in six years.

Another measure tracking individuals' sentiments about the economy and their own financial standing over the next six months fell to a negative 48.3 in April, down from a negative 41.6 in March. The new reading was the worst on record.