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Gallup: Economic Confidence Index Rises as Americans Hopeful for Future

Gallup: Economic Confidence Index Rises as Americans Hopeful for Future
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By    |   Tuesday, 10 October 2017 09:43 AM

Gallup’s economic confidence index rose as Americans have turned more optimistic about economy's future.

Gallup's U.S. Economic Confidence Index was +6 for the week ending Oct. 8 -- up four points from the prior week.

“Americans remain about as upbeat as they recently have been in their views of the U.S. economy's current state, but their cautiousness about the future dampens these relatively positive assessments,” Gallup explained.

“They are, however, less negative in their economic outlook than they were the prior week. Perhaps this is related to the continued rise of the U.S. stock market. Meanwhile, despite a Bureau of Labor Statistics report detailing the loss of 33,000 jobs nationally in September, the U.S. unemployment rate still dropped to a 16-year low,” Gallup explained.

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.

Meanwhile, the commander-in-chief also has been very hopeful about the economy and raging bull stock market.

President Donald Trump just last week struck a tone of optimism over the economy, touting the high stock market and low unemployment.

And it comes as congressional Republicans in conjunction with the White House are crafting tax reform legislation that would be highlighted by cuts across the board.

And Trump isn't alone.

One of America's most respected and loved investors has never let his faith in America waiver.

Uncertainty about how the United States will cope with growing tumult in the world has not dampened Warren Buffett's optimism for the country's prospects over the long term,  even 100 years into the future, Reuters reported.

"Whenever I hear people talk pessimistically about this country, I think they're out of their mind," Buffett, the chairman of Berkshire Hathaway Inc, said last month.

Buffett spoke in New York at an event celebrating the 100th anniversary of Forbes magazine, and is on the cover of an issue featuring 100 of the world's greatest living "business minds."

The billionaire has transformed Berkshire since 1965 from a failing textile company into a conglomerate with more than 90 businesses in such sectors as insurance, railroads, energy and retail, and well over $100 billion of stocks.

Buffett said he expects the Dow Jones Industrial Average to be "over 1 million" in 100 years, up from Tuesday's close of 22,370.80. He said that's not unreasonable, given how the index was roughly 81 a century ago.

Nonetheless, he said long-term investing remains the way to go.

He noted that since Forbes created its first list of the 400 richest Americans in 1982 -- Buffett was worth just $250 million then -- some 1,500 different people have been included.

All with one thing in common.

"You don't see any short sellers," he said, referring to people who bet stock prices will fall.

"It has been 241 years since Thomas Jefferson wrote the Declaration of Independence," he said. "Being short America has been a loser's game. I predict to you it will continue to be a loser's game."

(Newsmax wire services contributed to this report).

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Gallup's economic confidence index rose as Americans have turned more optimistic about economy's future.Gallup's U.S. Economic Confidence Index was +6 for the week ending Oct. 8 -- up four points from the prior week."Americans remain about as upbeat as they recently have...
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