Buying Climate Ratings Advance, But Confidence Can't Break Through
Just 7 percent of Americans rate the economy positively.
Dec. 15, 2009 — -- With just 10 days 'til Christmas, positive ratings of the buying climate are their best since March 2008, suggesting shoppers could throttle up enough to improve the season for some retailers. But it's no sure bet: Consumer confidence overall remains mired in historically dismal territory.
The ABC News Consumer Comfort Index stands at -45 on its scale of +100 to -100; it's been there for three of the last five weeks and hasn't been better since early May. At a 2009 average of -48, the CCI's on pace for its worst year in 24 years of weekly polls.
Click here for PDF with charts and data table.
While just 29 percent of Americans call it a good time to buy things they want and need, that's up 8 points since October. But it's still 8 points below its long-term average and 28 points from its high in January 2000.
The current number leaves 71 percent who say it isn't a good time to shop, and while Commerce Department data show a modest gain in retail sales in November, that was mostly cars, gasoline and building supplies – hardly stocking stuffers. Clothing and furniture sales were down month-to-month, and department and electronic stores saw significant dips from a year earlier.
BETTER/WORSE – In a separate, forward looking measure, 30 percent say the economy is getting better, up very gradually from 25 percent in July. It now matches the number who say things are getting worse, itself down 13 points since September and below a majority for 11 months, the best run since 2005.
That hardly makes it champagne time. Two-thirds either say the economy's getting worse (30 percent) or staying the same (37 percent) – not good given its condition. In another measure, in a separate new ABC News/Washington Post poll, a vast 86 percent say that from their perspective the recession is not over.
INDEX – Of the three components of the current sentiment index, 47 percent of Americans rate their personal finances positively, the best since late August but still 10 points below average. It's been less than a majority for 31 weeks straight and all but two weeks this year.
