Confidence Holding Tough

Consumer confidence stands at exactly average this week, so far withstanding spiking gasoline prices.

The ABC News/Washington Post Consumer Comfort Index is now at -9 on its scale of +100 to -100, matching its long-term average, and holding much closer to its best of the year (-7, matched just last week), than its worst (-19 on May 1).

Consumers are so far proving themselves resilient amid the soaring prices they're facing at the pump. Indeed, an ABC News poll released earlier this week found that while more than four in 10 Americans were angry about the cost of gas, fewer said the prices were causing them financial hardship than said so in the spring -- perhaps suggesting that, for now, many are accommodating themselves to the situation. Gasoline now averages $2.61, a nominal high and up 32 cents just this month alone.

INDEX -- The ABC/Post CCI is based on Americans' ratings of the national economy, the buying climate and their personal finances. This week 39 percent rate the economy positively, a point off its average, and 36 percent call it a good time to buy things, three points below average. Most, 61 percent, say their own finances are OK, four points above average.

TREND -- At -9, the index is right back to where it was at the start of the year. Since then, it's been as high as -7 in March, July and again just last week, and as low as -19 in May.

As noted, the index has averaged -9 in weekly polls since December 1985. It peaked at an all-time high of +38 in January 2000, and bottomed out at an all-time low of -50 in February 1992.

GROUPS -- As usual, the CCI is higher overall in better-off groups. It's +34 among higher-income Americans while -51 among those with the lowest incomes, +5 among college graduates while -26 among those who haven't finished high school, -2 among whites but -44 among blacks and 0 among men while -18 among women.

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; it was 41 percent last week. The highest was 80 percent on Jan. 16, 2000. The lowest was seven percent in late 1991 and early 1992.

PERSONAL FINANCES -- Sixty-one percent say their own finances are excellent or good, unchanged from last week. The best was 70 percent on Aug. 30, 1998, matched in January 2000. The worst was 42 percent on March 14, 1993

BUYING CLIMATE -- Thirty-six percent say it's an excellent or good time to buy things; it was 38 percent last week. The best was 57 percent on Jan. 16, 2000. The worst was 20 percent in fall 1990.

METHODOLOGY -- Interviews for the ABC News/Washington Post Consumer Comfort Index are reported in a four-week rolling average. This week's results are based on telephone interviews among a random national sample of 1,000 adults in the four weeks ending August 21, 2005. The results have a three-point error margin. Field work by ICR-International Communications Research of Media, Pa.

The index is derived by subtracting the negative response to each index question from the positive response to that question. The three resulting numbers are 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.

The Washington Post replaced Money magazine as cosponsor of this index at the start of this year. The survey methodology remains the same.

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