Still-Sour Consumer Views Greet President-Elect Obama
Consumer confidence just one point from record low.
Nov. 11, 2008— -- Consumer confidence is within a point of its 22-year low for the fourth time this year, unmoved by Barack Obama's election as president.
The ABC News Consumer Comfort Index stands at -50 on a scale of +100 to -100, down from a recent high of -41 six weeks ago. It bottomed out at -51 in late May, its worst since this weekly poll began in late 1985.
Click here for PDF with charts and data table.
Economic discontent fueled Obama's election: Sixty-three percent of voters called the economy their biggest concern, 85 percent expressed worry about the economy's direction, 81 percent were worried about their family's finances and three-quarters said the country's on the wrong track, nearly 30 points higher than four years ago.
Gas prices have tumbled, offering some respite to consumers – but far from enough. Retailers report plummeting sales, unemployment has reached a 14-year high of 6.5 percent and layoffs are gathering steam as corporate profits plummet. Amid talk of bankruptcy or a bailout, General Motors fell to its lowest stock price since 1942.
INDEX – The CCI is based on Americans' ratings of the national economy, their current finances and the buying climate. Among them:
-Only 9 percent rate the national economy positively, down 22 points this year, a mere 2 points from its record low last reached in February 1992 and 30 points below its long-term average.
-Just 21 percent call this a good time to buy things, down 10 points this year, 3 points from its all-time low and 17 points below its 22-year average.
-Forty-five percent rate their own finances positively, down 13 points for the year, likewise 3 points from its worst and 12 points off the long-term average. A majority of Americans haven't rated their own finances positively in 16 weeks, the longest such run since 1992-93.
TREND – After bottoming out at -51 in May the CCI's seen -50 four times – twice in August, once last month and again now. It's been this low just once before, in February 1992. At or below -40 for 30 weeks straight, it's approaching the 37-week record at that depth set in late 1991 and early 1992.
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