On August 7, Gallup released the poll results titled “Economic Confidence Slips in July, for Second Month in a Row.” The subtitle is “Economic outlook falls to a new 2012 low.”
Two of the most notable excerpts:
Gallup’s Economic Confidence Index averaged -26 in July, a decline from -22 in June, and close to the 2012 low of -27 measured in January. Economic confidence improved during the first five months of the year, but July marks the second monthly decline in a row. Still, the index remains significantly higher than the -42 from July of a year ago.
Gallup’s Economic Confidence Index consists of two measures — one assessing current U.S. economic conditions and the other assessing the nation’s economic outlook. Americans were more pessimistic about both current conditions and the economic outlook during July. Fourteen percent of Americans said the economy is excellent or good, while 42% considered it poor, resulting in a -28 current conditions rating. The -23 economic outlook rating reflects a five-percentage-point decline from June, with 36% of Americans saying the economy is getting better and 59% saying it is getting worse. This is the lowest economic outlook rating of 2012.
The Special Note summarizes my overall thoughts about our economic situation
SPX at 1401.40 as this post is written