NEW YORK (CNN/Money) -
Consumer confidence stood at its all-time average a week before the opening of the Republican National Convention in New York City, leaving questions about whether President Bush has done a decent job reviving the U.S. economy in the past four years, a report said Tuesday.
The ABC/Money magazine consumer comfort index rose a point from last week to -9 for the week ended Aug. 22, 2004. The comfort level matched its 18-year average and has been treading around the current level for the past month. 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, 38 percent of respondents expressed confidence in the economy in the latest week, down from 39 percent in the week of Aug. 15. The average peaked at 80 percent on Jan. 16, 2000, but bottomed out at 7 percent in late 1991 and early 1992.
When asked whether it's a good time to buy things they want or need, 39 percent of those asked said "yes," which is unchanged from the previous week. The highest level of confidence in this category, 57 percent, was set on Jan. 16, 2000; the worst, 20 percent, in the fall of 1990.
Opinions on personal finance rose -- 59 percent of those polled said their finances are good or excellent, two percentage points higher than the week before. The highest was 70 percent on Aug. 30, 1998, which was matched in January 2000. The lowest was 42 percent on March 14, 1993.
The consumer comfort index, formulated by ABC News and Money magazine, was based on a random survey of 1,000 respondents nationwide in the week ended Aug. 22. 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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