World News Trust World News Trust
World News Trust World News Trust
  • News Portal
  • All Content
    • Edited
      • News
      • Commentary
      • Analysis
      • Advisories
      • Source
    • Flatwire
  • Topics
    • Agriculture
    • Culture
      • Arts
      • Children
      • Education
      • Entertainment
      • Food and Hunger
      • Sports
    • Disasters
    • Economy
    • Energy
    • Environment
    • Government
    • Health
    • Media
    • Science
    • Spiritual
    • Technology
    • Transportation
    • War
  • Regions
    • Africa
    • Americas
      • North America
      • South America
    • Antarctica
    • Arctic
    • Asia
    • Australia/Oceania
    • Europe
    • Middle East
    • Oceans
      • Arctic Ocean
      • Atlantic Ocean
      • Indian Ocean
      • Pacific Ocean
      • Southern Ocean
    • Space
  • World Desk
    • Submit Content
  • About Us
  • Sign In/Out
  • Register
  • Site Map
  • Contact Us
  • Russia's War and the Global Economy | Nouriel Roubini
  • U.S. Considers Radical Rethinking Of Dollar For Today's Digital World | David Gura
  • Why is Israel Amending Its Open-Fire Policy?: Three Possible Answers | Ramzy Baroud
  • WATCH: Republican National Committee Abandons America
  • ‘Previously Unknown Massacres’: Why is Israel Allowed to Own Palestinian History? | Ramzy Baroud
  • The Revolt of the Imagination, Part One: Notes on Belbury Syndrome | John Michael Greer
  • Human gut bacteria have sex to share vitamin B12 | University of California - Riverside

Consumer Confidence Plunges Amid Rising Gas Prices (Jon Cohen)

More items by author
Categories
Edited | News -- WNT Selected
Tool Bar
View Comments

  Consumer confidence plunged this week, reversing its gains for the year amid rising gas prices, a volatile stock market and fresh signs of inflation.

  By Jon Cohen -- Washington Post

  March 20, 2007 -- Consumer confidence plunged this week, reversing its gains for the year amid rising gas prices, a volatile stock market and fresh signs of inflation.

In its biggest one-week drop in more than three years, The Washington Post-ABC News Consumer Comfort Index (CCI) is down seven points to -5 on its scale of -100 to +100. The index has fallen this precipitously in a week only three other times in the more than 20-year history of the poll.

Only a week ago, The Post-ABC CCI had edged up to +2, a five-year high, after starting the year at -5, exactly where it is today. Now, the gains for the year have been reversed under the cumulative weight of higher pump prices, uneasiness on Wall Street and indicators of inflationary pressures for both consumers and businesses.

Since late January, the national average price for a gallon of gasoline is up 41 cents, to $2.58, according to the Department of Energy. That is the highest level for gas prices in more than six months. And last week, the Department of Labor reported that consumer prices in February rose faster than Wall Street expectations, mirroring its latest data on wholesale prices.

With the downturn in economic indicators and higher fill-up costs, the percentage of all Americans saying the nation's economy is in "excellent" or "good" shape is down to 42 percent, the lowest it has been since October; last week it was 47 percent.

more

READ MORE: Washington Post  

back to top
  • Created
    Wednesday, March 21 2007
  • Last modified
    Wednesday, November 06 2013
  1. You are here:  
  2. Home
  3. All Content
  4. Edited
  5. Consumer Confidence Plunges Amid Rising Gas Prices (Jon Cohen)
Copyright © 2022 World News Trust. All Rights Reserved.
Joomla! is Free Software released under the GNU General Public License.