Advisor confidence in the economy and the stock markets fell again in September, dropping nearly 7% to about 92 from 98 in August, Rydex|SGI Advisor Benchmarking reported on Tuesday. Meanwhile U.S. consumer confidence improved slightly to 45.4% from a revised figure of 45.2% in August; these levels are close to the confidence levels of August 2009, according to the Conference Board.
All four components of the advisor index declined in September, a first for 2011, Rydex|SGI says. Advisors responding to the survey appeared to be progressively more bullish about the stock markets, highly concerned about the global economy and increasingly skeptical of U.S. monetary authorities' handling of the U.S. market.
"Federal fiscal policy is a huge headwind to business and the economy," said Douglas Conoway, CFP, ChFC, of the Wealth Management Group in Rochester, N.Y., in a press release "I expect stagnation until this changes."
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