Excerpt from Gallup’s Latest News on the Economy:
…In the U.S., Gallup’s Economic Confidence Index averaged -8 for the week ending Nov. 9. This is the highest weekly average found since the week ending June 30 of last year, and continues the upward trend in confidence that began in late September.
Prior to late September, the weekly Economic Confidence Index had been largely stable in 2014, averaging -16 and ranging narrowly between -13 and -21. Since a -18 index score for the week ending Sept. 21, confidence has generally increased.
With the recent improvements, the index is now just five points below the -3 Gallup found at the beginning of June 2013, the highest weekly reading since daily tracking began in early February 2008 with a -6 reading.
Gallup’s Economic Confidence Index is the average of two components: Americans’ views of current economic conditions and whether they think the economy will get better or will get worse. The index has a theoretical maximum of +100 — if all Americans rated current conditions as excellent or good and thought the economy was getting better — and a theoretical minimum of -100, if all Americans rated current conditions as poor and thought the economy was getting worse. The current score of -8 indicates that overall, Americans are still more negative than positive about the state of the U.S. economy.
Americans’ economic confidence continues to improve and now has reached a level not seen since the summer of 2013, which was the best of the post-recession era. Falling gas prices in much of the country, reports of the strongest six months of economic growth in a decade, and additional positive employment figures and lower unemployment seen so far in 2014 could be major reasons for the recent improvement in confidence. Should that encouraging economic news continue, it is possible that Americans will finally become more positive than negative about the nation’s economy…
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