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US consumer confidence hits worst quarter since 1992-ABC
NEW YORK, July 1 (Reuters) - American consumers' confidence was unchanged in the latest week but ended the quarter at its lowest since the first three months of 1992 as record-high gasoline prices and fears about the stock market dented their outlook, a report showed on Tuesday.
The ABC News Consumer Comfort Index held at -43 in the week to June 30, just eight points from its record low of -51 reached in late May.
The index ranges from -100 to +100, its 2008 average is -37 and its all-time average -10.
"Consumers have yet to see a break in the deluge of negative economic news," ABC said in a statement. "Gasoline prices ticked up two cents to $4.10 a gallon as the holiday weekend approaches (and) stocks plunged Thursday to a low last hit in September 2006."
The ABC index's components were mixed in the latest week, as positive views of the national economy gained 1 percentage point to 15 percent and those on the buying climate shed 1 percentage point to 22 percent. Views on personal finances were unchanged at 49 percent.
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 News consumer confidence survey was based on a sample of about 1,000 interviews conducted in the four weeks to June 30 and has a margin of error of plus or minus 3 percentage points. (Reporting by Rodrigo Campos; Editing by Dan Grebler)
