New York, NY, Jun. 5--Overall consumer confidence rose last week for the second consecutive week, according to the latest ABC News/Money Magazine poll.
The consumer comfort index rose two points—to -19 in the week ended June 1, from -21 a week earlier.
The index measures consumers' confidence in the national economy, their own finances, and their willingness to spend money. A negative response to each question is subtracted from the positive response. The three resulting numbers are then added and divided by three. The index can range from +100 (everyone positive on all three measures) to -100 (all negative on all three measures).
The index has gained five points in the last two weeks. Before that, the index had not increased since April 20.
According to the survey, 30 percent of respondents expressed confidence in the economy, up from 29 percent the week before. Also, 53 percent of those polled said their own finances were in good standing, up from 52 percent in the prior week. In assessing the buying climate, 38 percent of respondents said it was good, up from 37 percent a week earlier.
The consumer comfort index was based on a random survey of 1,000 respondents nationwide ended June 1. The poll has a margin of error of plus or minus three percentage points.
