NEW YORK (CNN/Money) -
Consumer confidence took a breather last week after a strong 3-week rally, lingering near a 5-month high, according to a survey released Tuesday.
The ABC/Money magazine consumer comfort index rose 1 percentage point to -7 in the week ended July 11, not a significant change from the previous week's -8. The index has risen 13 points in the past 4 weeks.
The index now stands at its best level since early February and slightly above its average of -9 since the survey started in December 1985.
Gasoline prices played a key role in the uptrend. The report said the recent decline in gas prices has encouraged the rally in consumer confidence.
But on Monday, the government said the national average increased for the first time in seven weeks, as the recent sharp rise in crude oil costs was passed on to consumers.
According to the survey, 41 percent of respondents expressed confidence in the economy in the latest week, same as the week of July 4. The average peaked at 80 percent on Jan. 16, 2000, but bottomed out at 7 percent in late 1991 and early 1992.
Forty-two percent of those surveyed said it's an excellent or good time to buy things they want or need, unchanged from a week earlier. The highest level of confidence in this category, 57 percent, was set on Jan. 16, 2000, and the worst, 20 percent, in the fall of 1990.
And opinions on personal finance rose one percentage point, as 56 percent of those polled said their finances are good or excellent, up from 55 percent the week before. The best was 70 percent on Aug. 30, 1998, which was matched in January 2000. The worst was 42 percent on March 14, 1993.
The ABC/Money consumer comfort index was based on a random survey of 1,000 respondents nationwide ended July 11. The index measures typical Americans' confidence in three areas: the national economy, their own finances, and their willingness to spend money, according to the report.
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