Despite remaining relatively stable in recent weeks, economic confidence is way down from a year ago, said a recent report from Gallup.
Gallup’s Economic Confidence Index showed modest improvement up to -49 during the week ending October 9, up from -50 the previous week.
According to Gallup, its Economic Confidence Index hit is down a whopping 29 points this year. The high point occurred in January (-21) and the low occurred in early October (-50). This “underscores just how negative the average American’s mindset has turned in a short time,” the Gallup report stated.
During the week ending October 9, three-quarters of Americans said the U.S. economy is “getting worse,” while 53 percent of Americans termed current economic conditions as “poor.”
In that same time frame, only one of eleven Americans rated current economic conditions as excellent or good. This figure is relatively consistent with results from previous weeks. Along the same lines, slightly more than two of ten said that they see the economy showing improvement.
The recent of Economic Confidence Index of -50, however, is not the recession-era monthly low. The Index reached down to -60 in October 2008, Gallup said.
Gallup gathers data on economic confidence through daily telephone interviews conducted randomly in all 50 U.S. states and the District of Columbia.
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