Consumer Confidence Plunges Along With Wall Street

New York, NY, Oct. 9, 2008--The implosion of Wall Street and the spreading economic crisis have taken a heavy toll on consumers, driving their confidence back down after a brief rally the past two months.

According to the most recent results of the RBC Cash  Index, consumer confidence dropped 32 points in October - the largest single-month decline in overall sentiment since the Index began in January 2002. The index currently stands at 37.0 compared to 69.2 in September, driven down by the sharp decline in consumers' economic expectations.

"The dramatic upswing in consumer sentiment last month stemming from declining energy prices has reversed just as suddenly. In the past month, Americans have been confronted by a worsening global credit crisis, a plummeting stock market, rising unemployment and continued housing price declines," said T.J. Marta, economic and fixed income strategist for RBC Capital Markets.

"We may be entering a period of manic-depression for consumers, with mood swings dictated by the latest good or bad news."

The RBC CashIndex is a monthly national survey of consumer attitudes on the current and future state of local economies, personal finance situations, savings and confidence to make large investments. T