Consumer confidence in the economy dropped even lower in February 2008, on concerns that job growth will slow and that the U.S. economy may fall into a recession, RBC Bank announced Friday, in its monthly survey.

The RBC Cash Index dropped to 48.5 in February 2008 from 56.3 in January 2008. The February 2008 stat was the index's lowest reading since the bank started the index in 2002, the bank said.

RBC (NYSE: RY) said the February 2008 reading continues a downward trend that has persisted through the last year, with consumer sentiment fell across the board - - with concerns about the U.S. economies health and worries about job security and investing weighing on Americans.

Economist Glen Langan told BloggingStocks Friday this month's RBC survey is consistent with other polled data on the current economic mood of Americans.



U.S. economy: 'the rocks are there'

"I'll use an analogy from my sister, the marriage counselor: when a marriage goes on the rocks, the rocks are there," Langan said. "The U.S. economy has some very real rocks, some very real problems, and concern about these problems is being reflected in economic surveys."

Compounding those concerns is an incomplete picture regarding the health of the U.S. credit markets, Langan said. "The U.S. consumer and stock markets tend to line up. Americans know about subprime defaults and they see the housing slump around them in the form of lower homes prices, but there's also a sense that we're not at the bottom regarding subprime assets, and we find an expression of this in the Dow [Dow Jones Industrial Average], which has basically meandered for about two months. This is probably the most uncertain economic environment adults have had to deal with since the economic period just after the September 11, [2001] terrorist attack."

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 survey polled 1,006 U.S. adults.