Consumer confidence down, near record low: ABC
SOURCE:
Reuters
2008-08-05 16:15:52
Consumer confidence down, near record low: ABC
NEW YORK (Reuters) – American consumers’ confidence fell in
the latest week to within 2 points of its record low and is on
pace for its second-worst year in 22 years of measurements, a
survey showed on Tuesday.
The ABC News Consumer Comfort Index fell to -49 in the week
to August 3 from -47 in the previous week. Its all-time low,
reached in May, is -51 and its historical average -10.
The index components were mixed, with positive views on
personal finances down 1 percentage point to 48 percent and
those on the buying climate down 2 percentage points to 19
percent. Views on the national economy were unchanged at a grim
10 percent.
Confidence measures are generally viewed as a barometer of
consumer spending, which accounts for two-thirds of the U.S.
economy. However, economists note that consumers do not always
act in accordance with their statements to surveys.
The ABC News consumer confidence survey was based on a
sample of about 1,000 interviews conducted in the four weeks
ending August 3 and has a margin of error of plus or minus 3
percentage points.
(Reporting by Rodrigo Campos)
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