Tags: gallup | economic | confidence | holiday

Gallup's Economic Confidence Index Spikes Amid Holiday Cheer

Gallup's Economic Confidence Index Spikes Amid Holiday Cheer
(DreamsTime)

By    |   Tuesday, 28 November 2017 03:24 PM

Americans' confidence in the economy spiked last week, as many found financial reasons to be thankful entering the holiday season.

Gallup said its U.S. Economic Confidence Index averaged +11 for the week ending Nov. 26, an increase of seven points from the previous reading of +4.

Gallup said it has typically seen a slight uptick in economic confidence on Thanksgiving. During Thanksgiving week from 2008 through 2016, the index's weekly score has increased, on average, by 2.6 points from the prior week.

But last week's gain in economic confidence was more than twice as large as the average gain. “This may be a result of the improving economy which, in turn, has allowed more Americans to have the resources to enjoy the holiday week by traveling or shopping,” Gallup explained.

Confidence rose by more modest amounts among Republicans and Americans earning between $36,000 to less than $90,000. However, confidence did increase significantly among those making $90,000 or more, similar to the increase among those in the lowest income group.

Gallup's U.S. Economic Confidence Index is the average of two components: how Americans rate current economic conditions and whether they feel the economy is improving or getting worse. The index has a theoretical maximum of +100 if all Americans were to say the economy is doing well and improving, and a theoretical minimum of -100 if all were to say the economy is doing poorly and getting worse.

Gallup wasn't alone in measuring lofty economic spirits.

US consumer confidence remained at a 17-year high in November, with optimism ticking higher for the fifth straight month, according to a monthly survey released earlier Tuesday.

Consumers' outlook about jobs and the business environment edged upwards, adding to October's gains and surprising economists with a fresh record, according to the Conference Board.

"Consumers are entering the holiday season in very high spirits and foresee the economy expanding at a healthy pace into the early months of 2018," Lynn Franco, head of indicators at the Conference Board, which produces the survey, said in a statement.

The Consumer Confidence Index rose to 129.5 for the month, the highest level since November of 2000, the AFP reported.

Related Stories:

© 2018 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
StreetTalk
Americans' confidence in the economy spiked last week, as many found financial reasons to be thankful entering the holiday season.
gallup, economic, confidence, holiday
360
2017-24-28
Tuesday, 28 November 2017 03:24 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved