Negativity At New Lows in CCI
Consumer comfort is at its lowest point in more than four years, driven by the most negative perceptions of the buying climate and the national economy in years.
At -24, the Washington Post-ABC News Consumer Comfort Index (CCI) is at its lowest level since May 2003, and marks a continuation of the downward slide in consumer sentiment that began in September. The index has fallen thirteen points since it started falling and now stands 14 percentage points below its average for 2007.
Seven in 10 in the survey rate the buying climate "not so good" or "poor," the largest that number has been since 1993, and the same proportion assesses the national economy negatively - the most to do so since 2005.
The latest downshift is evident even among groups that typically offer a more positive take on the nation's economic picture. At -4 on the CCI, those with household income $50,000 per year or higher, are at their lowest point since Feburary 2003. And the -12 score from those with college degrees is the lowest since October of that year.
The Washington Post-ABC News CCI is a measure of consumer confidence based on responses to three questions on the state of the national economy, the state of consumers' own personal finances and whether or not it is a good time to buy. The index is a rolling average based on telephone interviews with 1,000 adults conducted over a four-week period ending Dec. 2. The results have a margin of sampling error of plus or minus three percentage points.
More information on the CCI can be found here.
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