Consumer Confidence Near Seven-Month Low

June 6, 2006— -- Consumer confidence held steady this week, hovering near its lowest in seven months, consistent with high gas prices and weak job growth.

The ABC News/Washington Post Consumer Comfort Index stands at -17 on its scale of +100 to -100. It's stayed between -16 and -19 the past five weeks, a period in which gasoline prices likewise have held steady, albeit high, after jumping earlier in the spring.

The index had tied its 2006 high in mid-April, -7, before starting its descent. Gas is up more than 30 cents a gallon since early April, and nearly 80 cents higher than a year ago.

The Department of Labor last week reported 75,000 new jobs in May -- the weakest gains in employment since October, when the labor market took a hit after Hurricane Katrina. The department also revised downward its March and April job growth estimates.

INDEX -- The weekly ABC/Post index is based on Americans' ratings of the national economy, the buying climate and personal finances. This week 35 percent rate the economy positively, five points below the long-term average; 34 percent call it a good time to buy things, four points below average; and 55 percent say their own finances are in good shape, closer to the average, 57 percent.

TREND -- The CCI has averaged -12 so far this year, compared to its -9 since the weekly survey began in December 1985. Its all-time low stands at -50 in February 1992; its high, +38 in January 2000.

GROUPS -- As usual, the CCI is higher in better-off groups. It's +36 among top-income Americans while -57 among those with the lowest incomes; +2 among college graduates while -51 among those who haven't finished high school; -10 among whites but -51 among blacks; and -8 among men while -25 among women.

Regionally, the index is -5 in the West compared with -19 to -22 elsewhere. It remains far higher among Republicans (+24) than among Independents (-24) or particularly among Democrats (-42).

Here's a closer look at the three components of the ABC/Post CCI:

NATIONAL ECONOMY -- Thirty-five percent of Americans rate the economy as excellent or good; 34 percent rated it so last week. The highest percentage of Americans rating the economy excellent or good was 80 percent on Jan. 16, 2000. The lowest was 7 percent in late 1991 and early 1992.