Economic Confidence Level Drops — Gallup
Since it began tracking US economic confidence in 2008, Gallup has never gotten a net positive result. A reading above zero indicates that Americans are gaining confidence in the country’s economic conditions, while a reading below zero indicates a lack…
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Since it began tracking US economic confidence in 2008, Gallup has never gotten a net positive result. A reading above zero indicates that Americans are gaining confidence in the country’s economic conditions, while a reading below zero indicates a lack of confidence. The best reading in the past four years is -18, which the index posted for the second time in the week ending March 11th.
Last week, the reading dropped to -21, indicating most likely that the good news about employment in the previous week couldn’t overcome the bad news about rising prices for gasoline. However, Gallup notes:
… Americans on average say they would not significantly change their lifestyles until gas prices reach the tipping point of $5.30, suggesting that the true impact of current gas prices on economic confidence is difficult to assess with certainty.
A year ago, the economic confidence index posted a reading of -31, so even this week’s downturn is substantially better. Gallup expects the index to continue to be volatile in the coming weeks.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.