On July 3, Gallup released the poll results titled “Economic Confidence Retreats From May’s Improved Level.” The subtitle is “Confidence in June slid more among high-income than lower-income Americans.”
Three of the most notable excerpts:
The Gallup Economic Confidence Index averaged -22 in June, down from -17 in May and reverting to the -22 recorded in February. Still, the index remains near the upper boundary of confidence reached since the start of 2008, and is substantially improved over the worst negative periods seen since that time.
Both components of the index — Americans’ ratings of current economic conditions and their perceptions of whether the economy is getting better or getting worse — declined slightly in June. The -18 economic outlook rating reflects 38% of Americans saying the economy is improving and 56% saying it is getting worse. At the same time, 15% of Americans say the economy is in excellent or good shape, while 41% consider it poor, resulting in a -26 current conditions rating.
Upper-income Americans’ confidence is now at or near the lowest point seen in any month thus far in 2012, while lower-income Americans’ confidence is still better than it was at the start of the year.
The Special Note summarizes my overall thoughts about our economic situation
SPX at 1367.42 as this post is written