On February 5, Gallup released the poll results titled “Monthly U.S. Economic Confidence Matches Five-Year High.” The subtitle is “Economic confidence improved most weeks in January.”
Two of the most notable excerpts:
U.S. Economic Confidence improved to -13 in January, matching the five-year monthly high set in November 2012. Economic confidence improved steadily from September to November before falling back to -17 after the presidential election, but has now returned to its pre-election peak.
While monthly averages show economic confidence in January matching the five-year peak it first reached in November, weekly averages show even more positive momentum. This increase in consumer confidence seems consistent with the surging equity markets, now at five-year highs, perceptions of an improving housing market, and the deferral of political confrontation over the federal debt ceiling. Evidently, these factors are — at least temporarily — outweighing consumer concerns over the payroll tax increase and increasing gas prices.
The Special Note summarizes my overall thoughts about our economic situation
SPX at 1505.11 as this post is written