NEW YORK (CNN/Money) -
Consumer confidence remained near its high for the year last week as Americans' outlook on the future of the economy improved slightly, according to a survey released on Tuesday.
The ABC/Money magazine consumer comfort index gained a point to -6 for the week ended Aug. 1, 2004 and stood above its 14-year average of -9. The survey began tracking confidence in December 1985.
According to the survey, 41 percent of respondents expressed confidence in the economy in the latest week, unchanged from the week of July 25. The average peaked at 80 percent on Jan. 16, 2000, but bottomed out at 7 percent in late 1991 and early 1992.
When asked if it's a good time to buy things they want or need, 41 percent of those asked said "yes," up from 39 percent in the 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.
Opinions on personal finance stood still as 59 percent of those polled said their finances are good or excellent, the same as 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 in the week ended Aug. 1. 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.
|