Consumer Confidence Hovers Near Year Low

NEW YORK – Overall consumer confidence hovered last week near its low for the year, according to an ABC News (search)/Money Magazine (search) poll.

The poll's consumer comfort index slipped one point to negative 19 for the week ending Sunday, down from negative 18 a week earlier, according to the report released Tuesday.

The index has shed eight points since mid-May and is just three points above its 2004 low of negative 22, which it reached in March.

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

According to the survey, 33 percent of respondents expressed confidence in the economy, down from 34 percent the week before.

Also, 54 percent of those polled said their own finances were in good standing, down from 55 percent in the prior week. In assessing the buying climate, 34 percent of respondents said it was good, unchanged from a week earlier.

The consumer comfort index is based on a random survey of 1,000 respondents nationwide that ended June 6. The index measures typical Americans' confidence in three areas: the national economy, their own finances, and their willingness to spend money.