Economic confidence dropping for second month in a row
Gallupâ€™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.
Gallupâ€™s Economic Confidence Index consists of two measures â€” one assessing current U.S. economic conditions and the other assessing the nationâ€™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.