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US ‘Economic Confidence Index’ drops

US-Economic-Confidence-Index-drops

 

 

Gallup’s weekly ‘Economic Confidence Index’ ended at one of the lowest levels seen in the past year after the losses suffered throughout the world’s stock market. The weekly measurement of -14 ties the lowest average seen this year, and is the same level of confidence people had in October 2014.

The Economic Confidence Index indicates how optimistic or pessimistic Americans are regarding the economy – 58% say the economy is getting worse, while only 37% say the economy is getting better. While China’s own economic issues have caused a great deal of concern in some sectors, Gallup notes, “Americans’ confidence could be shaken further in the coming week.” The Shanghai Composite index is at least 40% down from its peak, which it hit in June before declining multiple times.

Before China moved to devalue their currency, the proposals surrounding Greece and the European Union caused the Economic Confidence Index to fall to the same level of -14 some two months ago. The Gallup report said, “with the Chinese economy showing signs of weakness, and its government responding by devaluing its currency, investors abroad are showing concern.”

The Gallup index has a scale from +100 to -100, two hypothetical extremes where every American surveyed agreed the economy was getting better or worse. It is the average of how people perceive current conditions, which held steady at -6, and the economic outlook, which dropped to -21. It has been in the negative numbers since February 2015.

If you believe this latest survey once again highlights the fundamental flaws with the American economy, please Like & Share this post.

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