ABC News COnsumer Confidence Index (NYSE:CCI) for the week ending on 6/21, came in at -53, only one point above the -54 all-time low, which we saw in late Jan. This indicator is not widely followed, but we think it provides more evidence that a bottom and a recovery are not necessarily around the corner.
The CCI has three components - National economy, buying climate, and personal finances.
- All three declined from the prior week.
- Buying climate and personal finance indexes dipped below this year's average, while the national economy index matched the measly 2009 average of 7 (only 7% have a positive view on the economy).