NEW YORK (CNN/Money) -
Consumer confidence posted a sharp decline last week as investors worried that rising energy prices could have a negative impact on the economy, a published report said Tuesday.
The ABC News/Money magazine Consumer Comfort index fell to -16 on its scale of +100 to -100 in the week ended May 23, 2004, compared to -11 in the previous week.
Earlier Tuesday, the Conference Board, said its monthly gauge of consumer confidence edged up in May to 93.2 from 93.0 in April.
Gasoline and oil prices have been trading near their all-time highs in recent weeks. The average retail price of gasoline nationwide jumped 4.7 cents last week to $2.064 per gallon, according to a government report released Monday. Light crude for July delivery also reached a new high of $41.72 per barrel, but dropped back to $41.14 on Tuesday.
The ABC/Money index has averaged -9 since the weekly poll began in December 1985.
Measured separately, views on the national economy fell 2 percentage points from the prior week, as 35 percent of those surveyed said the economy is in excellent or good shape. The best figure in this category was 80 percent, on Jan. 16, 2000, while the worst levels occurred in late 1991 and early 1992.
Opinions on personal finance also fell, as 56 percent of those polled said their finances are in excellent or good shape, down from 58 percent in the week ended May 16. The best level was reached on Aug. 30, 1998 and Jan., 2000 with 70 percent, while the worst was recorded on March 14, 1993 with 42 percent.
Also, 35 percent of those asked said it is an excellent or good time to buy things they want or need, down from 39 percent last week. The best was recorded on Jan. 16, 2000 with 57 percent and the worst was 20 percent in Fall 1990.
The ABC/Money weekly poll is based on 1,000 interviews conducted in the month ended May 23, 2004, with a margin of error of plus or minus three percentage points.
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