Tags: gallup | economy | sentiment | confidence

Gallup Economic Confidence Index Rebounds on More Upbeat News

By    |   Tuesday, 19 May 2015 11:29 AM

Americans' views of the economy rebounded last week after falling sharply the week before when disappointing economic statistics may have prompted some Americans to question the economy's strength, according to the most recent Gallup economic confidence index.

The average was negative 5 for the week ending May 10, a rebound from negative 9 for the week ending May 3. The index represents an average of two components. One measures Americans' views of current economic conditions and the other whether they believe the economy is getting better or worse. The highest score would be plus 100, and the lowest score minus 100.

As news coverage ebbed regarding the Baltimore riots, rising gasoline prices and stalled first-quarter economic growth, they also seemed to fade from Americans' minds when evaluating the economy, Gallup reported.

“A positive jobs report from the Bureau of Labor Statistics and the stock market's strong reaction to it came later in the week, after Americans' confidence had already largely recovered from the prior week,” Gallup reported.

“While Americans remain less confident than they were in January and February of this year, they are much more optimistic than they were for most of 2014,” Gallup reported.

However, not all measurements of consumer sentiment have been as upbeat.

U.S. consumer sentiment fell more than expected in May, a survey released on Friday showed, Reuters reported.

The University of Michigan's preliminary May reading on the overall index on consumer sentiment was 88.6, down from the final April read of 95.9. Analysts were looking for a reading of 96.

“It’s not very encouraging for growth prospects,” said Millan Mulraine, deputy head of U.S. research & strategy at TD Securities USA in New York, who projected a drop in confidence. “The spate of numbers has been quite weak,” he told Bloomberg.

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Americans' views of the economy rebounded last week after falling sharply the week before when disappointing economic statistics may have prompted some Americans to question the economy's strength, according to the most recent Gallup economic confidence index.
gallup, economy, sentiment, confidence
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2015-29-19
Tuesday, 19 May 2015 11:29 AM
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