On September 13, Gallup released a poll titled “Upper-Income Americans’ Economic Confidence Shaken.”
I find this poll interesting for a variety of reasons. A few excerpts of note:
Upper-income Americans’ economic confidence was badly shaken in August, with 80% saying the economy is “getting worse,” up from 66% in July. This is the first month since the financial crisis of late 2008 and early 2009 that upper-income Americans are more pessimistic about the future direction of the U.S. economy than other Americans.
Normally, upper-income Americans tend to be more optimistic about the future of the economy than those with lower incomes. Additionally, the percentage of upper-income Americans expressing concerns about the future direction of the economy is the highest it has been since February 2009.
Fifty-four percent of upper-income Americans rate current economic conditions “poor” in August, up from 42% in July. This is the highest percentage providing this rating since March 2009.
The Special Note summarizes my overall thoughts about our economic situation
SPX at 1188.68 as this post is written