On June 2, 2015 Gallup released the poll results titled “U.S. Economic Confidence Index Slides to -7 in May.”
Notable excerpts include:
Gallup’s Economic Confidence Index dropped to an average of -7 in May, down from -3 in April. This drop continues the monthly downward drift since confidence peaked at +3 in January, and is the lowest monthly score since the -8 in November 2014. However, confidence remains much higher now than what Gallup has found in most months since Americans started to feel the recession’s effects in 2008.
Gallup’s Economic Confidence Index is the average of two components: Americans’ ratings of current economic conditions and whether they feel the economy is improving or getting worse. Both components dropped between April and May, continuing the downward slide, but expectations about the economy’s direction are clearly suffering the most so far this year.
The economic outlook component score was -10 in May, based on 43% of Americans saying the economy is getting better and 53% saying it is getting worse. The outlook score was down five points from the -5 found in April, and is the lowest monthly economic outlook score in Gallup Daily tracking since October.
By contrast, the current conditions score in May was -4, based on 25% of Americans saying the economy is “excellent” or “good” and 29% calling it “poor.” The May current conditions score is the lowest since December.
Here is an accompanying chart of the two components (Sub-Indexes) of the Gallup Economic Confidence Index, discussed above:
Here is an accompanying chart of the Gallup Economic Confidence Index:
The Special Note summarizes my overall thoughts about our economic situation
SPX at 2109.76 as this post is written