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October 29, 2013 at 07:49 AM
The 16-day U.S. government shutdown had a negative effect on many things, including furloughed government employees, businesses (such as United States contractors) and even Native Americans (the shutdown interrupted federal funding to tribes). But it also had a serious impact on investor confidence of the affluent.
According to a Spectrem Group announcement this morning, the Spectrem Affluent Investor Confidence Index (SAICI) fell 12 points in October to -4, a nine-month low. SAICI, which measures investment confidence and outlook of households with more than $500,000 in investables, had reached an almost six-and-a-half-year high in September.
Additionally, the Spectrem Millionaire Investor Confidence Index (SMICI), which measures investor confidence and outlook of households with more than $1 million in investables, plummeted 15 points to 8, representing the largest month-to-month drop since April-May 2009. The SMICI had reached a nine-and-a-half-year high in September.
