US consumer confidence falls, near record low - ABC

NEW YORK, Aug 26 (Reuters) - American consumers' confidence fell in the latest week and is one point from its record low as gasoline prices, though lower than in recent weeks, remain high, and inflation and unemployment cloud the economy's outlook, a survey showed on Tuesday.

The ABC News Consumer Comfort Index edged down to -50 in the week to Aug. 24 from -49 in the previous week. Its all-time low, reached in May, is -51.

"Gasoline prices, while down 42 cents from mid-July, are still 34 percent higher than last year. And there are other factors: Inflation is up, unemployment is up and home values are down," said ABC naming factors contributing to the low reading.

The index components were mixed, with positive views on the buying climate and personal finances both down 1 percentage point to 18 and 46 percent respectively. Views on the national economy were unchanged at a meager 11 percent.

Earlier on Tuesday, the Conference Board said its consumer confidence index jumped to 56.9 in August from 51.9 in July.

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 ending Aug. 24 and has a margin of error of plus or minus 3 percentage points. (Reporting by Rodrigo Campos)