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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: mishedlo who wrote (14713)6/1/2004 11:45:40 PM
From: russwinter  Read Replies (1) of 110194
 
Reuters
High pump prices spook U.S. consumers -ABC/Money
Tuesday June 1, 6:30 pm ET

NEW YORK, June 1 (Reuters) - U.S. consumer confidence took a drumming from relentlessly high gasoline prices in the latest week as the number of Americans who thought the economy was conducive to shopping hit a 14-month low, a survey said on Tuesday.


ABC News and Money Magazine said their Consumer Comfort index fell to -18 in the week ended May 30 from a reading of -16 the previous week, when the index plummeted five points.

Although the government said on Tuesday that the average price of gasoline fell 1.3 cents last week to $2.05 a gallon, the first fall in five weeks, crude oil futures hit a new 21-year high, settling well above $42 a barrel.

Gasoline and oil prices have a particularly strong effect on the index's buying climate component. Thirty-four percent of respondents said they thought the latest week was a good time to make purchases, down one point from the previous period to the lowest level since March 30, 2003, shortly after the start of the war in Iraq.

Positive readings on the economy and personal finance components both fell one percentage point to 34 percent and 55 percent, respectively.

The ABC/Money survey was based on about 1,000 interviews conducted in the month ending May 30. It has a margin of error of plus or minus three percentage points.
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