On April 2, Gallup released the poll results titled “U.S. Economic Confidence Slips in March.” The subtitle is “Democrats’ economic confidence declines, while Republicans’ improves.”
Three of the most notable excerpts:
U.S. economic confidence fell slightly to -16 in March, from -13 in February, and is at its lowest level since December. Monthly economic confidence was at a five-year high in February, tied with the January 2013 and November 2012 scores.
Most of the decline in Americans’ monthly economic confidence came from a drop in Americans’ economic outlook, which fell to -13 from -9 in February — possibly a reaction to the budget sequestration cuts that went into effect March 1. The March score is based on 41% of Americans saying the economy is getting better and 54% saying it is getting worse.
The decline in economic confidence in March is due to lower confidence levels recorded in early March, immediately after the budget cuts went into effect. Americans’ economic confidence bounced back in mid-March, likely as a reaction to record-high stock prices. Americans’ weekly confidence was -12 in the last week of March — four points off of the five-year weekly high set in early February.
Here is the accompanying chart depicting monthly economic confidence:
The Special Note summarizes my overall thoughts about our economic situation
SPX at 1562.17 as this post is written