POLL: Confidence at Another 2008 Low
Confidence within sight of its lowest point in 22 years of weekly surveys.
April 29, 2008 — -- Consumer confidence reached another new low for the year this week, moving within sight of its lowest in 22 years of weekly ABC News surveys.
The ABC News Consumer Comfort Index stands at -41 on its scale of +100 to -100, its second week at or below -40 – a level not seen since July 1993. It's far below its long-term average, -10, and within striking distance of its record low, -50 in early 1992.
Among other troubles, this week 78 percent of Americans say it's a bad time to spend money on things they want and need, the most since July 1992 and 2 points from the record. That may not bode well for the government's economic stimulus; nor does the finding in an ABC News/Washington Post poll in mid-April that only a quarter plan to spend their stimulus checks, as opposed to using them for savings or to pay existing bills.
The ABC CCI has fallen in each of the last four quarters, most steeply in the first quarter of 2008, and continuing this month. It's averaged -32 so far this year, its worst since -37 in 1993. Among other economic woes, consumer views historically have been sensitive to gasoline prices – and gas now averages a record $3.60 per gallon.
INDEX – For the third week straight only 15 percent of Americans rate the national economy positively, well below the long-term average of 40 percent and 8 points from the record low, 7 percent, in late 1991 and early 1992.
Positive ratings of the buying climate at 22 percent are down 9 points this year and 16 points off their long-term average. In the index's third measure, 51 percent rate their personal finances positively, 6 points below the long-term average and down 7 points this year.
TREND – The last three weeks of April have been the worst three weeks of 2008 – each week setting a new low for the year. At -41, as noted, the index is only 9 points from its record low, -50 in February 1992, and far from its all-time high, +38 in January 2000.
GROUPS – The CCI as usual is higher in better-off groups, though the index is negative across the board. It's -8 among higher-income Americans while -74 among the least well-off, -29 among college-educated adults while -57 among high-school dropouts, -40 among whites but -54 among blacks and -33 among men while -49 among women.
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