POLL: Confidence Flat, Low; Jobs May Be a Factor

Consumer confidence held steady again this week, still near its lowest point of 2007, consistent with the first negative jobs report in four years.

The ABC News/Washington Post Consumer Comfort Index stands at -17 on its scale of +100 to -100. It's held between -17 and -19 the past three weeks, following its steepest slide in weekly polls since late 1985.

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A weak August job market is likely contributing. The Department of Labor last week reported that for the first time since August 2003, the nation's employers pared down payrolls. The department also revised downward its June and July job growth estimates.

The recent trend in consumer confidence suggest that the job market -- combined with the housing slump, turmoil in the mortgage industry, relatively costly gas prices and instability in the stock market -- have given consumers cause for concern.

Data from other surveys also show the strain. In a separate ABC/Post poll this week, one in five describe their financial situation as "falling behind" and over half (53 percent) say they had just enough money to maintain their standard of living; just a quarter (26 percent) say they're getting ahead financially.

Some relief may be in the offing, as the Federal Reserve meets next week to discuss whether to cut its federal funds rate, which affects rates on consumer loans.

INDEX -- The index is based on Americans' ratings of the national economy, personal finances and the buying climate. Thirty-four percent say the economy is in good shape, 36 percent say it's a good time to buy and 54 percent say their personal finances are good. Ratings of the economy and personal finances are below their 2007 averages.

TREND -- After the record nine-point one-week drop in mid-August to its 2007 low of -20, the CCI has stabilized for the past three weeks, settling in for the second consecutive week at -17. The index remains significantly below both its annual average of -8 and its long-term average of -9 in 21 years of weekly polls. The index's all-time high was +38 in January 2000; its record low, -50 in February 1992.