NEW YORK (CNN/Money) -
After a relatively flat summer, consumer confidence inched down last week.
In its final reading for the summer season, the ABC News/Money magazine Consumer Comfort Index -- based on views of current economic conditions -- stands at -20 on its scale of +100 to -100, putting it on par with its average for the year though well off its -9 long-term average. It was slightly higher, -16, two weeks ago.
The index has been as high as +38 in January 2000 and as low as -50 in February 1992. Its best one-year average was +29 in 2000; its worst, -44 in 1992. The index has averaged -21 so far this year, on track to be the worst year on average in a decade.
Here's a closer look at the three components of the index:
Twenty-seven percent of Americans rate the nation's economy as excellent or good, down from 29 percent the prior week. The lowest level of confidence in this category was set at 7 percent in late 1991 and early 1992.
But respondents felt marginally more confident with their own personal finances. Fifty-five percent rate their own finances as excellent or good, up from 54 percent the previous week. The highest level of confidence for this category, 70 percent, was set in August 1998 and last matched in January 2000.
And the survey's buying gauge, which measures consumers' willingness to spend, held steady at 38 percent. Consumers reported their highest level of confidence in this category, which is set at 57 percent, in January 2000.
As usual, confidence is higher among better-off Americans. The index is +8 among people in higher-income household compared with -53 in the lowest.
The ABC News/Money magazine Consumer Comfort Index represents a rolling average based on telephone interviews with a random sample of about 1,000 adults nationwide each month. This week's results are based on 1,004 interviews in the month ended Sept. 21 and have an error margin of plus or minus three percentage points.
|
