Economic Pessimists Keep the Reins

Jul 20, 2010 4:45pm

Economic pessimists outnumber optimists for the second month straight in the latest ABC News consumer survey, pushing aside a briefly more positive assessment in May and underscoring the public’s deep economic doldrums.

In terms of current sentiment, 89 percent say the national economy’s in bad shape, 74 percent call it a bad time to spend money and 55 percent rate their personal finances negatively. The ABC News Consumer Comfort Index, based on these, stands at -45 on its scale of +100 to -100.

In a separate, monthly measure of expectations, 25 percent say the economy’s improving, while 31 percent say it’s getting worse. The rest say it’s holding steady, which for nearly all means steadily bad. Optimists had slightly outnumbered pessimists, 33-29 percent, in May, the first time that’d happened in six years. It didn’t hold. 

At -45 the CCI’s a point from its 2010 average, -46. It averaged -48 last year, its worst on record in 24 years of weekly surveys; its long-term average is -13. Ratings of the national economy are 26 points worse than average; of the buying climate and personal finances, both 11 points worse.

Click here for tables with this week’s CCI data.

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