Consumer Confidence Sinks As Gas Prices Soar
— reported by Click2Houston.com
Consumer confidence sank to a seven-month low as sticker shock from rising gasoline prices made Americans anxious about the economy’s prospects and the strain on their own budgets.
The RBC CASH Index, based on results from the international polling firm Ipsos, showed confidence at 67.1 in early May. That marked a big deterioration from 89.4 in April.
The new confidence reading was the lowest since October, when the country was still reeling from the devastation and fallout wrought by the Gulf Coast hurricanes, including high energy prices.
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