Consumer Confidence Recovers to Match Long-Term Average

Consumer confidence has strengthened over the last six weeks to match its long-term average, nearly erasing all its spring losses.

The ABC News/Washington Post Consumer Comfort Index now stands at -9 on its scale of +100 to -100, up from -19 May 21. It's now close to its best of the year, -7 in late March and mid-April, and exactly matches its average in weekly polls since December 1985.

Gas prices, however, bear watching. Confidence took a steep dive in the spring amid soaring pump prices and has improved as prices moderated. But gas prices jumped 7 cents this week to an average $2.93 a gallon, according to the Department of Energy.

INDEX -- The weekly ABC/Post index is based on Americans' ratings of the national economy, the buying climate and their personal finances. Thirty-nine percent now rate the economy positively, up six points in the last six weeks, and as many call it a good time to buy things, up seven points. As usual, more, 59 percent, say their finances are in good shape.

TREND -- As noted, the CCI peaked twice this year at -7, most recently in April, then fell sharply to a 2006-low of -19 on May 21 before heading back up. The index has averaged -12 so far this year. It's ranged from an all-time high of +38 in January 2000 to an all-time low of -50 in February 1992.

GROUPS -- As usual, the index is higher in better-off groups. It's +26 among higher-income Americans while -39 among those with the lowest incomes, +2 among college graduates while -34 among those who haven't finished high school, -5 among whites but -27 among blacks and -3 among men while -14 among women.

Regionally, the CCI is highest in the West, -1, compared with -8 in the Northeast, -11 in the Midwest and -13 in the South. It remains far higher among Republicans (+24) than among independents (-15) or, particularly, Democrats (-27).

Here's a closer look at the three components of the ABC/Post CCI:

NATIONAL ECONOMY -- Thirty-nine percent of Americans rate the economy as excellent or good, unchanged from last week. The highest was 80 percent on Jan. 16, 2000. The lowest was 7 percent in late 1991 and early 1992.