Americans' assessments of current economic conditions are showing no signs of improvement. Only 31 percent say the national economy's in good shape, unchanged from last week and down 14 points since October; and 43 percent call it a good time to buy things, down five points since November.
More, 56 percent, rate their own finances positively, but that's down 10 points from last summer to its lowest since March 1997.
The ABCNEWS/Money magazine Consumer Comfort Index, based on these three gauges, stands at -13 on its scale of +100 to -100, the same as last week and its lowest since Aug. 4, 1996.
ABCNEWS/Money Index |
| Today |
-13 |
| Last week |
-13 |
| Jan.
7 |
+23
|
| 2001
Average |
+ 4 |
| Jan.
16, 2000 |
+
38 Record high |
| 2000
average |
+
29 Best full year |
| 1992
average |
-
44 Worst full year |
| Feb. 9, 1992 |
- 50 Record low |
| Average since 12/85 |
- 8 |
| |
Consumer confidence had a bumpy 2001, with the index tumbling 36 points over the course of the year, including 10 points in December. It fell by five or more points six times in 2001, the most in any year since the poll began in December 1985.
The index fell seven points in one week in January (tying the one-week record), six points in a week in February, five points in a week in March (when the recession officially began) and another five points in one week in April. It reversed another slide to gain ground immediately after the Sept. 11 attacks, but then lost five points in mid-October and another five points in a week in December.
A Closer Look
As usual, confidence is higher among better-off Americans. The index is +10 in higher-income households compared to -48 in the lowest, 0 among college graduates while -49 among high-school dropouts, -7 among whites but -46 among blacks and -5 among men while -20 among women.
Here's a closer look at the three components of the ABCNEWS/Money poll:
NATIONAL ECONOMY — Thirty-one percent of Americans rate the nation's economy as excellent or good, unchanged from last week. The best was 80 percent Jan. 16, 2000. The worst was seven percent in late 1991 and early 1992.
PERSONAL FINANCES — Fifty-six percent rate their own finances as excellent or good, the same as last week. The best was 70 percent, set Aug. 30, 1998 and last matched in January 2000. The worst rating was 42 percent on March 14, 1993.
BUYING CLIMATE — Forty-three percent say it's an excellent or good time to buy things they want and need, down one point from last week. The best was 57 percent Jan. 16, 2000. The worst was 20 percent in fall 1990.
Methodology
The ABCNEWS/Money magazine Consumer Comfort Index represents a rolling average based on telephone interviews with about 1,000 adults nationwide each month. This week's results are based on 1,034 interviews in the month ending Oct. 28 and have an error margin of plus or minus 3 percentage points. Field work was conducted by ICR-International Communications Research of Media, Pa.
The ABCNEWS/Money index is derived as follows: The negative response to each index question is subtracted from the positive response to that question. The three resulting numbers are then added and divided by three. The index can range from +100 (everyone positive on all three measures) to -100 (all negative on all three measures). The survey began in December 1985.
Previous ABCNEWS polls can be found in our Poll Vault.
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