Tags: Gallup | Economic | confidence | americans

Gallup: US Economic Confidence Hits 8-Month Low

By    |   Tuesday, 14 July 2015 10:00 AM

Gallup's U.S. Economic Confidence Index came in at negative 11 for the week ended July 12, matching the prior week's eight-month low.

The poll found three in 10 Americans describing the economy as "poor" and more than half feeling the economy is "getting worse."

The index had risen in the second half of last year as gasoline prices fell, topping out at plus 5 in January, but the gauge has slid since then.

The index represents an average of two inputs: how Americans view the current economy and whether they think it's getting better or worse. The score can range from plus 100 to negative 100.

In the latest week, 25 percent of Americans said the economy is excellent or good, while 31 percent said it's poor. That produced a current conditions score of -6. Meanwhile, the economic outlook score registered negative 16, with 40 percent of Americans viewing the economy as getting better, while 56 percent see it getting worse.

So what gives?

"Much has occurred over the past week to leave Americans' confidence in the economy depressed," writes Gallup's Justin McCarthy. He cited Greece's debt crisis and Wednesday's trading outage on the New York Stock Exchange as examples.

"Confidence had been trending downward even before the stock market glitch and the Greek referendum on austerity, so the recent good news may help confidence only to a limited extent."

Meanwhile, Americans' sentiment toward the economy soured overall in the second quarter, but the wealthy were much more optimistic, according to the CNBC All-America Economic Survey.

Only 24 percent of respondents view the economy as excellent or good, down from 27 percent in the first quarter. In terms of their outlook on the economy for the next year, again just 24 percent of respondents think the economy will get better, compared to 28 percent in the first quarter.

But among those with annual income of at least $100,000 or with at least $50,000 in the stock market, 45 percent see the economy as excellent or good, up from 33 percent in the first quarter.

The poll also showed concern about income inequality, according to CNBC, although it didn't cite specific numbers.

The survey "demonstrates that those at the top are doing great—everyone else is stagnating or faltering," Jay Campbell, who worked on the bipartisan poll with Democratic-leaning Hart Research Associates, told CNBC. "Whichever party shows it can remedy this situation is the party that will "win the economy."

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Gallup's U.S. Economic Confidence Index came in at negative 11 for the week ended July 12, matching the prior week's eight-month low.
Gallup, Economic, confidence, americans
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2015-00-14
Tuesday, 14 July 2015 10:00 AM
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