Adviser confidence in the economy and stock market rose to its highest level in six months in September, according to the Advisor Confidence Index from Rydex/SGI. The measure had fallen to its lowest level in 16 months in August.
The ACI was 109.08 in September, up about 16% from 93.8 in August, reflecting increased confidence that business tax cuts will help the economy.
The survey also suggested that advisers are becoming more confident in their ability to manage the economic volatility. The results were released Tuesday.
Although confidence rose in September, the majority of advisers see little hope for improvement on the unemployment front. More than half of advisors (54%) say that unemployment will remain where it is, while 25% believe that it will worsen and hurt the economy. "The economy cannot recover without housing. And housing cannot recover without employment. We have a long way to go," said Peter Wheeler, the president and chief executive of WheelerFrost Associates in San Diego.
