The FINANCIAL — Gallup’s U.S. Economic Confidence Index averaged -13 for the week ending Nov. 15, which is consistent with most averages since July.
The index has stayed within the narrow window of -11 and -17 since July. In fact, since September, the range of scores has been even narrower, between -12 and -15. Although the recent averages represent a more negative consumer mindset than what Gallup found at the end of 2014 and in early 2015, they are higher than what Gallup has consistently seen from 2008 through mid-2012. Within that period, the weekly Economic Confidence Index average dropped to as low as -65 in the week ending Oct. 12, 2008.
Gallup’s Economic Confidence Index is the average of two components: how Americans rate current economic conditions and whether they feel the economy is getting better or getting worse.
For the week ending Nov. 15, 24% of Americans rated the current economy as “excellent” or “good,” while 30% rated it as “poor.” This resulted in a current conditions score of -6, similar to current conditions scores found since July and in line with most of the scores so far in 2015.
The economic outlook score last week was -20, reflecting 38% of Americans saying the economy is “getting better” and 58% saying it is “getting worse.” While similar to the outlook scores seen in recent weeks, the economic outlook has been significantly lower since July compared with earlier in the year. Lower economic outlook scores largely brought down the overall index scores found since July, as current conditions scores have not dropped.
While the index has been largely stable recently, several other economic measures have been more optimistic. These include a positive jobs report for October from the U.S. government and the Gallup finding that Americans are planning to spend more during the holidays this year than they have in recent years.
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