(GALLUP) Confidence in US economy dips for 2nd straight month

The following is from Gallup News.

WASHINGTON, D.C. — Gallup’s Economic Confidence Index registered -34 in May, reflecting further deterioration in how Americans assess the economy’s current state as well as its trajectory.

The index had improved significantly from -40 in November to -20 in March, before falling to -29 in April.

Gallup’s Economic Confidence Index summarizes Americans’ evaluations of current economic conditions (as excellent, good, only fair or poor) and their outlook for the economy (whether they believe it is getting better or worse).

The index has a theoretical range of +100 (if all Americans rate current conditions as excellent or good and say the economy is getting better) to -100 (if all Americans rate the economy as poor and say it is getting worse).

In Gallup’s trend of these measures since 1992, the highest ECI score was +56 in January 2000, and the lowest was -72 in October 2008.

The latest results were collected in a May 1-23 Gallup poll, which shows that confidence in the economy did not improve despite somewhat positive economic news.

The Dow Jones Industrial Average climbed substantially during most of this period, though it lost some of these gains in the final week of surveying. At the start of the month, the U.S. Labor Department reported an increase in U.S. jobs, but at a lower rate than in most months over the past year.

Assessments of Current Economic Conditions Most Negative Since November

Twenty-two percent of Americans describe current U.S. economic conditions as “excellent” or “good,” down slightly from the prior month, marking the lowest figure recorded since December’s 22%.

Since early 2022, Americans have consistently been most likely to describe the economy’s current conditions as “poor.”

The latest measure finds 46% of Americans viewing the economy this way, only slightly higher than the April reading but the highest since November.

The net effect of these changes is that the index’s current conditions component dipped to -24 from -20 in April and is the lowest score for this component since November (-31). (Continued…)

Link to article here.

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3 thoughts on “(GALLUP) Confidence in US economy dips for 2nd straight month”

  1. OK, I’m now waiting for the looney Biden administration to say that isn’t true. You know they’ll say you can’t trust or believe polls. Instead they will put out some bs story about how robust it is. Thousands of jobs created, you know those low paying service jobs you can find at McDonalds and the like.

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