U.S. consumer confidence hits 6-year low

"The January [2008] statistic is not surprising. People are aware that housing foreclosures are up, the housing market is in a recession, energy prices have been sky high for a while now, so naturally one would expert the index to drop," Wang said. "When you add the most-recent data showing that now, quite possibly, job creation may be slowing, that sends another concern on to the American people's watch list."

Election-year recession?

Wang added that the RBC Index, "suggests that consumer spending may continue to pullback, if wallet / pocketbook actions follow consumer sentiment, as they historically have done. It's not the rosiest outlook for consumer spending for 2008."

Further, if current trends continue -- and Wang "hopes they don't" -- the United States is set to register an ignominious statistic -- its first recession in a U.S. presidential election year, 2008, in more than 40 years.

The RBC Cash Index 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. This month's data is based on a survey of 1,027 adults on January 7-9, 2008, and has a margin of error of 3.1%.