POLL: Confidence Rings Out ’07 in Decidedly Unsettled Form

Consumer confidence ends 2007 in a decidedly unsettled state, with an unprecedented zigzag that's taken it back near its lowest level of the year.

The ABC News/Washington Post Consumer Comfort Index followed an unusual 6-point gain last week with an equally unusual 6-point drop this week, landing right where it had been — at -23 on its scale of +100 to -100, just a point from its 2007 low early this month.

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Ratings of the national economy hit a four-year low this week, helping to fuel the drop, while ratings of personal finances eased back from their two-month high last week.

The gyration marks the largest two-week swing since this weekly poll began 22 years ago, indicating powerfully mixed feelings about economic conditions. Discounting by retailers may have lightened the load this holiday shopping season, but nonetheless it's been a year plagued by housing and credit crises, a volatile stock market and high but now flattening gas prices. Swings aside, the CCI is well below its long-term average, -9.

INDEX – The ABC/Post index is based on Americans' ratings of their current finances, the national economy and the buying climate. This week just 27 percent rate the economy positively, the fewest since October 2003, 12 points below the 2007 average and 13 points below the CCI's 22-year average.

Thirty-two percent rate the buying climate positively, 2 points from its 2007 low two weeks ago and 6 points below the long-term average. More, 56 percent, say their personal finances are good; that measure is much closer to its average.

TREND – The two-week swing tops off a rocky road for the CCI in 2007. The index averaged -2 in the first quarter of the year but has struggled since, averaging -9 in the second quarter, -12 in the third quarter and -18 since October.

Overall it's averaged -10 in 2007, its best full year since +4 in 2001 — but again, that's mainly based on its performance earlier in the year. (And it's just a point from its 2002 and 2004 averages, -11 in both years.)