Affluent investors' confidence fell in August amid concern about higher oil and gas prices, according to Spectrem, a Chicago research and consulting company.
The Spectrem affluent investor index, which measures the investment outlook of households with $500,000 or more in investable assets, fell 6 points, to minus-1, the lowest level since its debut in February 2004, the firm announced Tuesday.
The previous record low was April's zero. August was the index's sixth straight month in neutral territory; the decline was its third in a row.
The Spectrem millionaire index also declined for the third straight month, by 1 point, to 11. It remained "mildly bullish," as it has been since last October.
Telephone polling for the indexes took place from Aug. 23 to Aug. 27, before the sharp energy-price increases caused by Hurricane Katrina. Still, 48% of the affluent investors and 51% of the millionaires said the rise in oil and gas prices was the news event that most influenced their economic outlook.
Eighteen percent of the affluent and 13% of the millionaires cited the Iraq War. Runner-up concerns of the affluent were interest rate increases, the deficit, and stock market conditions (2% each) and the economy and the past presidential election (1% each). Among the millionaires, runner-ups were rate increases and the stock market, at 3% each.
