Recession Receding? Not for Consumers
Just 8 percent of Americans rate the economy positively
Aug. 4, 2009 — -- Even as the Obama administration cites evidence that the recession is slowing down, consumer confidence is in miserable shape.
The ABC News Consumer Comfort Index stands at -49 on its scale of +100 to -100, showing no signs of improvement after three weeks of progress.
Click here for PDF with charts and data table.
Ninety-two percent say the economy is in bad shape, at or above the fearsome 90 percent mark since early October; 76 percent think it's not a good time to buy things; and 56 percent rate their personal finances negatively.
Americans appear unimpressed by recent economic news: pending home sales rose for the fifth straight month, the stock market surged past notable benchmarks on Monday and consumers boosted their spending in June for the second straight month. Despite these promising signs the gross domestic product dropped for the fourth quarter in a row (albeit by less than expected), the longest such stretch since 1947.
INDEX – Of the three components of the CCI, ratings of personal finances are typically the best. Forty-four percent of Americans saying their own finances are in excellent or good shape, well below the long-term average, 57 percent. But it has improved since late June, when it hit its record low, 39 percent.
At 24 percent, positive ratings of the buying climate are 20 points lower than ratings of personal finances and 13 points below the long-term average. Positive ratings of the national economy are on a terrible run and have been in single digits for 40 of the last 43 weeks, a record. The 8 percent that currently rate the economy positively are 30 points below the long-term average.
TREND – Consumer confidence halted its three-week climb, but is above the dreaded -50 mark for the second straight week. The summer months have been tough so far, with confidence at -50 or worse for five of the past seven weeks. Confidence is only 5 points from its lowest ever, -54 on Jan. 25. It's averaged -49 this year, compared with its long-term average of -12. Its record high was +38 in January 2000.
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