Americans’ confidence in the economy is only one index point away from its 2016 low, according to Gallup’s Economic Confidence Index.
For the week ending on July 24, economic confidence sank to negative 16, one point away from its all-time low for the year of negative 17. The index averages two components: Americans’ opinions on the current economic conditions as well as if they believe the economy is improving or getting worse. According to the index scale, 100 would be the maximum, which would suggest that the economy is doing well and improving.
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"In recent months, the Gallup Economic Confidence Index has languished near the low end of its 2015-2016 performance," the report states.
The index found that only 25 percent said economic conditions were excellent or good and 31 percent said they were poor. Thirty-five percent of Americans said economic conditions were getting better while 60 percent said they were getting worse.
"Americans’ confidence in the U.S. economy remains subdued, with the index hovering near its 2015-2016 low," the report states. "As in 2015, the index began 2016 on a high note before faltering in the spring and summer months. In both instances, Americans’ outlook for the economy was largely responsible for the downward slide, as economic expectations are usually more responsive to short-term events than are current conditions."