POLL: Confidence Takes a Nosedive

Consumer confidence dropped sharply this week, falling within range of its record low after three weeks in a holding pattern.

The ABC News Consumer Comfort Index stands at -47 on its scale of +100 to -100, down 6 points to its lowest level in nine weeks. It hasn't been this low since bottoming out at a record -51 at the end of May. A drop of this week's magnitude is unusual: The CCI has lost 6 or more points in a single week just 12 times in 22 years of weekly surveys.

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Declining confidence comes on the heels of a range of negative economic news. The National Association of Realtors reported worse than expected existing home sales in June. Gas prices, though down 11 cents this week, are still averaging a steep $3.96 a gallon. Last week's Federal Reserve "Beige Book," which noted sluggish retail and auto sales, a declining real estate market and high energy costs, echoed consumer concerns.

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INDEX – The CCI is based on Americans' ratings of their current finances, the national economy and the buying climate. Positive views of the national economy slipped 4 points this week to 10 percent, matching the recent 15-year low hit in late May. It's down 21 points since the start of 2008, 30 points below the long-term average and is 3 points from the all-time low, 7 percent, reached in late 1991 and early 1992.

Just 21 percent say it's a good time to buy things, down 10 points this year and 17 points below the long-term average. Fewer than a quarter of Americans have rated the buying climate positively for 16 straight weeks, the longest period since a record run of 18 weeks from late 1990 to early 1991.

Personal finances generally do better; they're now rated positively by 49 percent, fewer than half for the first time in a month, down 9 points this year and 8 points below the long-term average.

TREND – As noted, the CCI sustained a significant 6-point hit this week, the worst drop since early February. After backing off the all-time low of -51 in May to -41 earlier this month, the CCI again is in deep negative territory: It's only been lower 13 times since 1985.