The latest Gallup Economic Confidence Index indicates that Americans’ confidence in the US economy is better than a year ago and better than a month ago. But the number has remained essential flat week-over-week, rising slightly from -23 to -22.
From Gallup’s report:
Economic confidence has been improving steadily over the past five months and is continuing that monthly trend during February. The stable nature of confidence in recent weeks suggests that surging gas prices have yet to dramatically affect Americans’ perceptions of the national economy.
The lack of impact from rising gasoline prices could be due to the fact that US consumers have dealt with gasoline prices of $4/gallon or more and believe they can do so again. What Americans have not had to deal with yet — at least not for long — are gasoline prices that rise above $4/gallon and stay there as they inch (or leap) toward $5/gallon. That will be the true test of Americans’ economic confidence.
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