Gallup: Economic Confidence Declines to Lowest Level Since January

July 31, 2012 - 10:12 AM

(CNSNews.com) – Economic confidence has declined again, falling to levels not seen since January, according to a new Gallup survey. The poll found that weak jobs reports and poor economic growth had all but halted an earlier positive trend in Americans’ feeling about the economy.

Economic confidence, measured on Gallup’s Economic Confidence Index, declined last week to -29, the lowest level since January. The Index is an average of two measures of Americans’ opinions on the economy – current economic conditions and future outlook.

Gallup reported that opinions on the future economic outlook – whether people thought the economy was getting better or worse – drove the decline in confidence.

“The economic outlook component of the index accounted for the overall change in economic confidence, declining seven percentage points to -29 over the past week.”

Current economic conditions were also strongly negative, remaining at -28. Each measure is calculated by subtracting the percentage of respondents with negative views from those with positive views.

In the case of the declining economic outlook, 62 percent of Americans said the economy is getting worse while only 33 percent said it was getting better, a difference of -29. For current conditions, 42 percent said conditions were poor while only 14 percent said they were excellent or good.

There were stark partisan differences in how people viewed the economy. Republicans and independents had a strong negative view of where the economy is now and where it is headed, while a slim majority of Democrats held a positive view.

Eighty-three percent of Republicans and 63 percent of independents said that the economy was getting worse, compared with 55 percent of Democrats who said it was getting better.