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Consumer confidence turns sour
ABC/Money index edges down for the first time in two months but remains at 18-year average.
August 10, 2004: 6:30 PM EDT

NEW YORK (CNN/Money) - Consumer confidence slipped last week for the first time in two months, but the overall sentiment remained at the all-time average, a survey said Tuesday.

The ABC/Money magazine consumer comfort index dropped to -9 for the week ended Aug. 8, 2004, three points lower than the week before. It's the first drop since mid-June, but the latest number matched its 18-year average. The survey began tracking confidence in December 1985.

In 2004, the index reached as low as -20 and as high as -3 on the scale of +100 and -100.

Measured separately, 39 percent of respondents expressed confidence in the economy in the latest week, down from 41 percent in the week of Aug. 1. 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, 39 percent of those asked said "yes," down from 41 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 58 percent of those polled said their finances are good or excellent, one percentage point lower than 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. 8. 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.  Top of page




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