On July 21, Gallup released a poll titled “U.S. Economic Confidence Sinks to Lowest Level Since March ’09.”
A few notable excerpts:
Americans’ economic confidence plunged last week to its lowest weekly level since March 2009. Gallup’s Economic Confidence Index fell to -41 in the week ending July 17 — down from -34 the prior week and -31 during the same week a year ago.
U.S. economic confidence has been running below 2010 levels during most of June and July. But the recent plunge sent this year’s economic confidence down even further — back to the recessionary levels of early 2009.
Gallup’s Economic Confidence Index combines two measures: one assessing Americans’ views about whether the U.S. economy is “getting better” or “getting worse,” and the second involving Americans’ ratings of current economic conditions as “excellent,” “good,” “only fair,” or “poor.” The “getting better” ratings fell and the “getting worse” ratings rose in the week ending July 17 to levels not seen since March 2009.
The percentage of Americans saying the U.S. economy is getting better dropped to 26% last week. This is the lowest level for this measure since March 2009. More than two-thirds of Americans now say the U.S. economy is getting worse — a two-year high.
The Special Note summarizes my overall thoughts about our economic situation
SPX at 1345.02 as this post is written