Consumer confidence flat, worst run in 14 years: report

NEW YORK (Reuters) - American consumers' confidence was unchanged in the latest week as a better perception of their personal finances was offset by a gloomier outlook on the economy, a report showed on Tuesday.

The ABC News/Washington Post Consumer Comfort Index held at -31 in the week ended March 22; the index ranges from -100 to +100 and its historical average is -10. The reading has remained at -30 or lower for the last two months, the longest such run in 14 years, the news outlets said.

"Consumer concerns continue amid signs of a slowing economy: the Federal Reserve last week responded to credit concerns by lowering the Fed Funds rate by three-quarters of a point; gas, although down 3 cents, is still at a costly $3.26 per gallon; and stocks zigzagged between big gains and huge sell-offs all week," the report said.

Earlier on Tuesday, the Conference Board said its consumer confidence index dropped substantially in March, to 64.5 from 76.4 in February.

The three components of the ABC/Washington Post index were mixed, as positive views on the buying climate were unchanged at 29 percent, while views on personal finances rose two percentage points to 55 and those on the national economy fell one percentage point to 20 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/Washington Post consumer confidence survey was based on a sample of about 1,000 interviews conducted in the four weeks ending March 22 and has a margin of error of plus or minus 3 percentage points.

(Reporting by Rodrigo Campos; Editing by Dan Grebler)