On June 6, 2017 Gallup released the poll results titled “Confidence In Economy in May Lowest Since November 2016.”
Notable excerpts include:
Though still historically high, Americans’ confidence in the economy fell to a six-month low in May, largely dragged down by Democrats’ worsening economic attitudes. Gallup’s U.S. Economic Confidence Index averaged a score of +3 in May, down slightly from April (+5) but eight points below January’s record monthly high (+11).
Gallup’s U.S. Economic Confidence Index is the average of two components: how Americans rate current economic conditions and whether they believe the economy is improving or getting worse. The index has a theoretical maximum of +100 if all Americans were to say the economy is doing well and improving, and a theoretical minimum of -100 if all were to say the economy is doing poorly and getting worse.
Even as some Americans become more pessimistic about the economy overall, attitudes about the economy’s current conditions have been relatively stable. Last month, 32% of Americans assessed the economy as “excellent” or “good,” while 22% said the economy was “poor.” Overall, the current conditions component averaged +10 in May, similar to +11 in April and three points shy of the nine-year high (+13) the measure hit in February and March.
Meanwhile, perceptions about the economy’s outlook have more clearly deteriorated. In May, slightly more Americans (49%) said the economy was “getting worse” than said it was “getting better” (45%). The economic outlook component stood at -4 for the month, representing a slight dip from April when the component averaged -1, and it is down notably from its record high in January of +11.
Here is an accompanying chart of the two components 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 2429.33 as this post is written