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Gallup Poll: Economic Confidence Continues to Plunge

Wednesday, 27 June 2012 07:55 AM

Confidence in the U.S. economy continues falling, a Gallup poll finds.

Gallup's Economic Confidence Index hit minus-26 for the week ending June 24, down slightly from minus-24 the week before.

Americans' confidence has now retreated for four weeks in a row and has reached its lowest point since late January.

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Blame a weak jobs market for the decline — in May, the economy added a net 69,000 nonfarm payrolls.

By comparison, January and February added 275,000 and 259,000, respectively.

Downgrades made to the country's banks coupled with an ongoing European debt crisis are also taking their toll.

"A disappointing May jobs report combined with the tepid economic climate in Europe and downgrading of major U.S. banks appear to have given U.S. consumers cause for concern in June," Gallup says.

Other widely followed economic indicators depict an increasingly anxious U.S. consumer.

The Consumer Confidence Index fell to 62.0 in June from 64.4 in May, also the lowest since January according to the Conference Board.

"Consumers were somewhat more positive about current conditions, but slightly more pessimistic about the short-term outlook. Income expectations, which had improved last month, declined in June. If this trend continues, spending may be restrained in the short-term," Lynn Franco, Director of Economic Indicators at The Conference Board, says in a statement, adding other Conference Board metrics depict little change in consumer moods.

"The improvement in the Present Situation Index, coupled with a moderate softening in consumer expectations, suggests there will be little change in the pace of economic activity in the near-term."

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