Adviser confidence in the economy and stock market sunk in August to its lowest level in 16 months, according to the Advisor Confidence Index from Rydex/SGI.

The index declined roughly 9%, to 93.80 from a month earlier. The results were released Monday.

The ACI results share the same pessimistic outlook as Charles Schwab Corp.'s recent semiannual survey, which found half of advisers saying their clients are less optimistic about the market and the economy than they were a year earlier.

The ACI hit is nadir at 79.07 in October 2008.

Advisers surveyed by Rydex/SGI appear to be most concerned about the lack of meaningful job growth in the U.S.. Debt, housing and consumer confidence also remain weak.

On the positive side, corporate earnings and revenue continue to grow steadily.

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