ABC/Money Poll: Consumer Confidence Drops Sharply

U.S. overall consumer confidence (search) made a sharp downturn last week, erasing most of the gains made over the past month, according to the latest ABC News/Money Magazine (search) poll.

The consumer comfort index fell to negative 9 in the week ended Nov. 28 from negative 4 a week earlier, according to the poll, released Tuesday.

ABC News attributed the drop to lackluster post-Thanksgiving holiday sales and high gasoline prices.

According to the latest survey, 40 percent of respondents expressed confidence in the economy, down from 43 percent the week before.

Also, 58 percent of those polled said their own finances were in good standing, down from 60 percent in the prior week.

In assessing the buying climate, 39 percent of respondents said it was good, unchanged from a week earlier.

The consumer comfort index was based on a random survey of 1,000 respondents nationwide ended Nov. 28.

The poll has a margin of error of plus or minus three percentage points.

The index measures typical Americans' confidence in three areas: the national economy, their own finances, and their willingness to spend money, according to the report.