POLL: No Relief for Consumers Amidst Financial Turmoil
Just 17 percent rate the national economy positively.
Sept. 23, 2008 — -- Consumers express no relief as the federal government scrambles to get the economy off the ropes: ABC's Consumer Comfort Index stands at -41 on its scale of +100 to -100, the same as last week and the 59th straight week it's been in negative double digits.
While the CCI's no worse than last week's reading, after subsequent market upheaval, neither is it any better. That -41 compares poorly to a 20-year average of -10. And fewer than 20 percent have rated the national economy positively for 26 weeks, the longest such run since 1993.
Treasury Secretary Henry Paulson today pitched the administration's $700 billion bailout plan to the Senate. But there's public as well as legislative skepticism; in a separate ABC News/Washington Post poll, Americans divide evenly: Forty-four percent approve of the government's efforts, 42 percent disapprove.
The proposal follows a tumultuous week for financial institutions and global markets. There was better news, though, on the gas-price front, which counts heavily in consumer views: Gas dropped 12 cents last week, though it's still 32 percent higher than a year ago.
INDEX – The CCI is based on Americans' ratings of their finances, the national economy and the buying climate. Less than half, 48 percent, rate their personal finances positively; it's been below 50 percent for nine weeks, equaling a streak earlier this year and the longest since a 15-week stretch in 1993.
Fewer, 24 percent, rate the buying climate positively. That's down 7 points on the year, 14 points off the long-term average and at or below 25 percent for a record 25 weeks.
Fewer still, 17 percent, rate the national economy positively, down 14 points on the year and 22 points off the long-term average.
TREND – The index began the year at -20 and headed down quickly, reaching a record low -51 on May 25. It's failed to climb above -40 for 23 weeks, matching a run from June-November 1992 and surpassed only by 37-week rut from September 1991 to May 1992.
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