Economic Confidence Keeps the Streak Alive

The U.S. Economic Confidence Index, tracked by Gallup since 2008, remained at its +3 level for its third consecutive week running. However, the index has been positive for the past eight weeks.

The index is composed of the average of two components. Basically it breaks down to Americans’ opinions on the current economy and on future expectations for the economy. In recent weeks, Americans have been more positive regarding the future of the economy rather than about current conditions. In the latest weekly reading, the current conditions component moved up a couple of points, which balanced out slightly falling expectations.

Since the index has been tracked by Gallup, the most recent positive run has made some waves as readings had been entirely negative for more than a year. The lowest that the index has read is at -65, which occurred at the beginning of the global economic crisis in 2008.

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Suffice it to say, the index has been frozen since it returned to positive territory. Also the stability that it has shown in the preceding weeks seemingly adds more optimism for future expectations. However, rising gas prices could deter future progress. After lower prices likely boosted confidence in recent months, more pressure at the pump could jeopardize future index increases.

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