Consumer views of U.S. economy near record low - ABC/WPost

NEW YORK, April 29 (Reuters) - A weekly gauge of consumer confidence in the United States fell to within striking distance of its record low as rising oil prices continued to weigh on consumer minds, according to a report on Tuesday.

The ABC News/Washington Post Consumer Comfort Index fell to -41 in the week ended April 27 from -40 the previous week. The index ranges from -100 to +100.

It was the weakest level since July 1993 and just nine points away from an all-time low of -50 hit in early 1992, the news outlets said in a report.

"The last three weeks of April have been the worst three weeks of 2008 -- each week setting a new low for the year," the report said.

Consumer views historically have been sensitive to gasoline prices, and gas now averages a record $3.60 per gallon, the report said.

Seventy-eight percent of Americans said it was a bad time to spend money, the most since July 1992, which may not bode well for the government's economic stimulus plan, the report said.

Another measure of consumer sentiment, the Conference Board's Consumer Confidence index, fell to a five-year low this month as Americans confronted the grimmest jobs outlook since late 2004.

Confidence measures are generally viewed as a barometer of consumer spending, which accounts for two-thirds of the U.S. economy. However, economists note that consumers do not always act in accordance with their statements to surveys.

The ABC/Washington Post consumer confidence survey was based on a sample of about 1,000 interviews conducted in the four weeks to April 27 and has a margin of error of plus or minus 3 percentage points. (Reporting by Anastasija Johnson; Editing by Dan Grebler)