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Consumer confidence nearly hit a two-year low as consumers had to face a slumping housing market, tighter credit conditions and higher energy prices. The RBC Cash Index showed that December confidence fell to 65.9, close to a level of 64 in November, which was the worst reading since 2005 when consumer confidence dropped under the Gulf Coast hurricanes devastations. According to economist Ken Mayland, president of ClearView Economics, consumers are facing "a great deal of fear and foreboding." The overall economy put pressure on consumers' confidence which has deteriorated sharply over the past year. In the month of December of last year, the Index reflected a solid reading of 86.9. Its level fell during the past year, hurt by the housing market collapse, higher home foreclosures, and harder-to-get credit.
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