Consumer Confidence Remains at Record Low

Tuesday, July 15, 2008 10:48 AM

NEW YORK -- U.S. consumer confidence remained at an all-time low in July as rising gasoline prices continue to darken Americans' outlook of the economy, according to a survey released Tuesday.

Investor's Business Daily and TechnoMetrica Market Intelligence said their IBD/TIPP Economic Optimism Index held at 37.4 in July, a record low in the seven-year-old survey, and 14.5 points or 28 percent below its all-time average. A reading below 50 indicates pessimism among survey respondents.

"While we did not see any further declines this month, persistently high gasoline prices are keeping a damper on Americans' economic outlook," said Raghavan Mayur, president of TIPP. "Consumer confidence may have just found its bottom."

None of the 21 demographic groups polled had an optimistic outlook for the economy, the report said.

IBD/TIPP surveyed more than 900 adults in early July. The margin of error is plus or minus 3.1 percentage points.

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