NEW YORK (CNN/Money) -
Consumer confidence remained unchanged two weeks after the government said third-quarter gross domestic product (GDP) grew at the fastest pace in nearly two decades, a survey showed Tuesday.
The ABC News/Money Magazine Consumer Confidence index stood unchanged in the week ended Nov. 9 from the previous week's reading of -18 on its scale of positive 100 to negative 100. The index has been jumping between -16 and -21 for the past 25 weeks, and the index is on pace to post its worst annual average in a decade, the report said.
Thirty-one percent of Americans rated the nation's economy as excellent or good, up from 29 percent a week earlier. The highest level of confidence reported for this category was set at 80 percent in January 2000, while the lowest was 7 percent recorded in late 1991 and early 1992.
Fifty-four percent of respondents rated their own finances as excellent or good, down 2 percentage points from the previous week. The highest level of confidence in this category was set at 70 percent in August 1998 and was last matched in January 2000. The worst occurred on March 14, 1993, with only 42 percent.
The survey's buying gauge, which measures consumers' willingness to spend, stayed level with the previous week's readings. Thirty-eight percent of Americans said it's an excellent or good time to buy things they want or need, which is still far below its 57 percent high, set in January 2000, as opposed to its 20 percent low, set in the fall of 1990.
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Late last month, the U.S. Commerce Department said GDP grew at an astonishing 7.2 percent annual rate from July to September, but the bullish encouragement in the market has since fizzled as many are waiting for more fresh signs in the economic recovery.
The ABC News/Money magazine Consumer Comfort Index represents a rolling average based on telephone interviews with a random sample of about 1,000 adults nationwide each month. This week's results are based on 1,002 interviews, with a margin of error of plus or minus 3 percentage points. The index ranges from +100 to -100.