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Economic Confidence Languishes Near 2014 Lows; 62% Don't See It "Getting Better"

Tyler Durden's picture




 

Gallup's U.S. Economic Confidence Index dropped slightly to -17 for the week ending August 10th, hovering just off the lows of 2014 as only 38% of Americans believe the economy is "getting better." Perhaps even more concerning, given record high stock prices and cycle low unemployment rates, only 19% of Americans said the economy is "excellent" or "good," - the lowest in 5 months. Gallup concludes, generally speaking, Americans remain more negative than positive about the economy, but are less negative than they were in the first few years after the Great Recession - $4 trillion later.

 

As Gallup notes,

Gallup's U.S. Economic Confidence Index dropped slightly to -17 for the week ending Aug. 10.

Gallup's Economic Confidence Index is the average of two components: Americans' views on the current economic situation and their perceptions of whether the economy is getting better or worse. Last week, 19% of Americans said the economy is "excellent" or "good," while 35% said it is "poor," resulting in a current conditions score of -16 -- a three-point dip from the previous week.

While 38% of Americans said the economy is "getting better," 56% said it is "getting worse," resulting in an economic outlook score of -18. This is one point lower than the prior week.

Generally speaking, Americans remain more negative than positive about the economy, but are less negative than they were in the first few years after the Great Recession.

This year has arguably been a positive one for the economy with growth in consumer spending, the GDP, and hiring, all of which should send the public's economic confidence upward. However, these positive economic developments may be offset by a series of international and domestic challenges, including the rise of Islamic militants in Iraq, intense fighting between the Israelis and Palestinians, increasing U.S.-Russia tensions, a wave of illegal immigrants from Central America, and stock market volatility after a year of steady stock increases in 2013.

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Which is all very odd given government-surveys show confidence at pre-recession highs and rising...

 

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Tue, 08/12/2014 - 13:57 | 5082712 Occams_Chainsaw
Occams_Chainsaw's picture

At least business is booming in the human smuggling trade.

Tue, 08/12/2014 - 14:12 | 5082789 NoDebt
NoDebt's picture

"I think what we need to do is redefine what it means to feel 'successful', to re-define what 'improvement' is."

Some politician somewhere talking about how to keep pissing down people's backs and still have them accept it as rain.

Tue, 08/12/2014 - 16:59 | 5082842 SoilMyselfRotten
SoilMyselfRotten's picture

Headline edit: 62% don't see the economy getting better, 37.9% see it getting worse and .1% don't give a shit cause they own it all.

There fixed

Tue, 08/12/2014 - 13:57 | 5082714 foodstampbarry
foodstampbarry's picture

The 38% all have government jobs.

Tue, 08/12/2014 - 14:08 | 5082782 NOTaREALmerican
NOTaREALmerican's picture

If you include all the leaches living off of: Big-Ag, Big-MIC, Big-Road, Big-Water, Big-Airport, Big-Energy, Big-Ed, Big-House, Big-Fin, Big-OldFart, Big-OldFartHealthcare, Big-AntiDrug, & Big-PoliceState you are right.

 

Tue, 08/12/2014 - 13:58 | 5082719 LawsofPhysics
LawsofPhysics's picture

"Full faith and credit"

 

Honestly, most folks still don't "get" it.

Tue, 08/12/2014 - 14:02 | 5082725 Dr. Engali
Dr. Engali's picture

Hmmmmmmm..... 38% of people see it getting better. That number just happens to be the same as Zero's approval rating, and the same percentage as those on the .gov dole..... go figure.

Tue, 08/12/2014 - 14:05 | 5082764 LawsofPhysics
LawsofPhysics's picture

I'd argue, with plenty of evidence, that once you consider all the subsidies and tax loopholes, the number of those "on the dole" is considerably higher than 38%.

Tue, 08/12/2014 - 14:07 | 5082774 Dr. Engali
Dr. Engali's picture

Well, no doubt there. I'm referring to those who get a direct paycheck. 

Tue, 08/12/2014 - 14:12 | 5082794 LawsofPhysics
LawsofPhysics's picture

I'd still say that almost any single corporate subsidy or tax loophole that a company or individual CEO enjoys is still several orders of magnitude greater than the "paycheck" those mouth-breathers in the ghetto receive.

 But again, I am an equal opportunity "hater" according to my liberal friends.

 

Tue, 08/12/2014 - 14:00 | 5082728 Lea
Lea's picture

We should all get into our heads that unless the system radically changes, this won't get any better. Ever.

Tue, 08/12/2014 - 14:06 | 5082772 NOTaREALmerican
NOTaREALmerican's picture

We're NOT all in this together.   The smart-n-savvy people screw the dumbasses.   

Survival of the fittest is a bitch when you find out you're the food, but people have to learn to stop complaining about being the food because, overall, this is the best kinds of system there is.

Tue, 08/12/2014 - 15:04 | 5083083 jarana
jarana's picture

Are you a fierce hunter complaining about the complaints of your preys?

Tue, 08/12/2014 - 15:32 | 5083253 NOTaREALmerican
NOTaREALmerican's picture

Yeah, when they bitch too much the meat gets tough.  

Tue, 08/12/2014 - 15:52 | 5083369 RaceToTheBottom
RaceToTheBottom's picture

I am thinking that you consider yourself "smart-n-savvy"

Tue, 08/12/2014 - 16:10 | 5083491 NOTaREALmerican
NOTaREALmerican's picture

God no, I've got a long long long history of being one of the dumbasses getting screwed.  But, sometimes you just get lucky.

Life, especially in America, is about running a scam or participating in one.  I'm not smart-n-savvy enough to run a scam but I'm just smart enough to know that when I'm participating in one I'm not going to stop because of morality.  

The secret of success is duplicity, the secret of happiness is self-delusion.

Tue, 08/12/2014 - 14:37 | 5082940 Freddie
Freddie's picture

How many idiots still watch TV and Hollywood's lies that keep them in power?  If you watch it and support it then stop complaining because you enable it.

Tue, 08/12/2014 - 14:04 | 5082761 NOTaREALmerican
NOTaREALmerican's picture

Who cares what the Trash Class thinks.   Just a bunch of worthless losers.   All that matters is roughly the top 20%.    

Survival of the fittest, BITCHEZZZ!!!

Tue, 08/12/2014 - 14:11 | 5082791 dontgoforit
dontgoforit's picture

It's true - you are NOTaREALmerican - but you are really something.  Many words come to mind, but let's not devolve to name-calling.

Tue, 08/12/2014 - 14:12 | 5082796 NOTaREALmerican
NOTaREALmerican's picture

Yeah,  go ahead and help the Trash Class if you want.   It's a free country.    Just don't force me to live with them.

Tue, 08/12/2014 - 14:15 | 5082808 NoDebt
NoDebt's picture

Ah, the modern version of the old "Divine Right of Kings" doctrine.  Well played, sir.  You will surely be given your just rewards.... eventually.

Tue, 08/12/2014 - 14:11 | 5082790 NOTaREALmerican
NOTaREALmerican's picture

The top 10% are doing fantastic.   The top 20% are doing pretty damn good.   The top 30% are keeping up.  

So, that means the top 38% to top 31% think they can get into the top 30%.   

I'd say not blind at all.

The Trash Class in the bottom 60% aren't worth the effort to think about.

Tue, 08/12/2014 - 14:14 | 5082801 LawsofPhysics
LawsofPhysics's picture

"The Trash Class in the bottom 60% are cannon fodder" - fixed.  The issue is always where those cannon are pointed as collateral damage can be indescriminate when it comes to "class".

Tue, 08/12/2014 - 14:21 | 5082815 ekm1
ekm1's picture

I didn't know that "confidence" is edible or it can be used to fuel a car.

 

"Confidence" is another propaganda term to brainwash people, like "cycles" and "structural slowdown".

Tue, 08/12/2014 - 14:53 | 5083007 Spastica Rex
Spastica Rex's picture

Nearly 4 in 10 people say the economy is improving?

Wow - I would say that the con is working very well indeed.

Tue, 08/12/2014 - 14:25 | 5082853 jmcadg
jmcadg's picture

Good for you. I'm in the bottom 60 I'd say. But I'm not trash.
Please find a smaller brush to use old man.

Let's see how things play out. I'd say that 30% might change a little in the near future. I'd be happy to let the ladder down for a few open minded people. Know what I mean friend.

Tue, 08/12/2014 - 14:41 | 5082956 NOTaREALmerican
NOTaREALmerican's picture

Nothing wrong with being part of the Trash Class.  Everybody can't be a winner in our survival-of-the-fittest society.   But, it's important to remember why we, as a society, value having a society that rewards the most-fit and punishes the less-fit.   If we didn't, it would send the wrong message.  

Tue, 08/12/2014 - 14:58 | 5083044 jmcadg
jmcadg's picture

Are you fitter than me because you earn more? Or am I fitter than you because I've clawed myself up from a huge fall. Interested to know your definition of trash. Is it based on monetary wealth?

Sure as hell I'm no socialist. I'm not asking for anyone's help. I'll get back to where I was and beyond. I'm not interested in being in the top 20%. And I'll say I'm fitter than most of them.

But be weary with that big ol' brush you're using there!

Tue, 08/12/2014 - 15:33 | 5083241 NOTaREALmerican
NOTaREALmerican's picture

Well,  technically, "most fit" would be whose DNA bling has the best shot at moving into the Management Class that runs Big-Gov and Big-Corp.    Not much matters besides DNA bling.   Overall the Elysium Class (say the top 1%) and the Elysium Management Class (say the top 10%) have the best shot at keeping their kids running the world.  

Like I said, just life:   We're not all in this together,  we're all Americans, not a bunch of pansi Europeans who are supposed like each other because of some ethnic affinity.   It's OK for Americans to prey on each other, it makes us stronger.

Tue, 08/12/2014 - 16:24 | 5083574 jmcadg
jmcadg's picture

Interesting. The Royal Family are in a fine place, but genetically they are inbred fucks. But even these elite (who are way more elite than your Elysium Class wannabes) need help! They need lots of trash around them because they are incapable of doing general tasks themselves. They barely know how to feed themselves.

All 1%ers are vulnerable, especially as they laude their gains over the have nots. But it only takes a few clever have nots to realise where the chinks are.

Remember the elite families are generations away from the clever ones. We are now down to 5th/6th generation idiots who are used to the easy life. This shit will come unstuck and they won't know what the fuck to do.

We're not all Americans or 'pansi' Europeans either.

As you say, we're not all in this together. But wealth and privilege do not make you 'fit'.

Tue, 08/12/2014 - 14:05 | 5082765 oklaboy
oklaboy's picture

light up those obama phones, break out the EBT cards, get the disability and SSDI out there!!!! recovery is just on the horizon, funemployment is here for 92 million Americans, how much better news do you want?????

Tue, 08/12/2014 - 14:08 | 5082783 Gringo Viejo
Gringo Viejo's picture

I remember a friend who told me in '99 that I "just didn't get it" about dot coms. Well, he got it. Right up his ass.

Tue, 08/12/2014 - 14:14 | 5082803 Winston Churchill
Winston Churchill's picture

I'm confident that this shit is about to get much worse.

That prolly makes me positive in these surveys.

Tue, 08/12/2014 - 14:16 | 5082811 Loucleve
Loucleve's picture

yeah, and watch all these same 62% vote for hillary.

Tue, 08/12/2014 - 14:16 | 5082814 buzzsaw99
buzzsaw99's picture

38% own a fair amount of bullshit stocks. coincidence?

Tue, 08/12/2014 - 14:23 | 5082847 Itchy and Scratchy
Itchy and Scratchy's picture

It's always darkest before ..............................................the end!

Tue, 08/12/2014 - 14:26 | 5082869 agstacks
agstacks's picture

Surprising that 62% of Americans choose cynicism over hope. \sarc

Tue, 08/12/2014 - 14:29 | 5082887 The worst trader
The worst trader's picture

And still the VIX gets hammered? FUCK YOU VELOSITY SHARES!

Tue, 08/12/2014 - 14:31 | 5082902 Itchy and Scratchy
Itchy and Scratchy's picture

'Change You Can Believe In!' - 2008

Tue, 08/12/2014 - 14:47 | 5082971 espirit
espirit's picture

If you're referring to Kardash Ass, that's spot on.

Everything else - Not so much.

Tue, 08/12/2014 - 14:32 | 5082907 jmcadg
jmcadg's picture

Sounds like one of these .gov muppets actually did a days work. It must have taken ages to find enough people to make up 38%. Although I'm probably being too generous, it was a poll they had in their office, there were only 10 of them! Presumably Canadian .gov muppets with those stats.

Tue, 08/12/2014 - 14:35 | 5082926 stant
stant's picture

Went to our local Wally this morn , the place was deader than Osama. And the day before school starts. Didn't have atv ramps either

Tue, 08/12/2014 - 15:00 | 5083055 RobD
RobD's picture

My local Wally is not restocking the shelves. The rest of store is starting to look like the ammo section though not for the same reason I suspect.

Tue, 08/12/2014 - 15:11 | 5083118 RaceToTheBottom
RaceToTheBottom's picture

"

62% Don't See It "Getting Better"

"

Makes sense, most people don't work in a welfare industry like Financial Services

 

Tue, 08/12/2014 - 15:16 | 5083146 Itchy and Scratchy
Itchy and Scratchy's picture

Are those the same 62% that voted for the Kenyan?

Tue, 08/12/2014 - 16:04 | 5083444 Son of Captain Nemo
Son of Captain Nemo's picture

More scenarios for TBTB and PD 51 to be authorized for a "emergency"...

When DOW loses 30% in the next couple of months keep an eye peeled for the selected quarantines to begin!

http://investmentwatchblog.com/get-ready-america-tptb-are-beginning-to-r...

 

 

Tue, 08/12/2014 - 17:34 | 5084081 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

If you actually believe anything a pollster puts out I have swamp land

and a Brooklyn Bridge for sale real cheap. I'm not upselling here and you had better think quick because this deal won't last long in a sellers market. Economic fundamentals are sound and we are on course to a balanced budget next year. The fundamentals are so good that we think tax breaks are in order once again for the corporate sector only.

Socialized profits and privatized losses makes Financialization and the world go round don't ya know.

Wed, 08/13/2014 - 05:47 | 5086170 AdvancingTime
AdvancingTime's picture

The economic recovery that the media and talking heads have been bantering around does not exist and is just a myth. A manipulated stock market distorted by recent economic policy hides and mask the real truth, in many ways it is ground zero in the war to convince us all is well.

The American people and Main Street will tell you they are far from convinced that it is smooth sailing ahead. Huge weakness in the economy has been shown by numbers that barely get by even after record amounts of stimulus. Fact is if QE or the massive government deficit spending that props up our economy is removed it will fold like a cheap umbrella.

Recent changes in how the GDP is figured , which boosted growth thus reducing the debt to growth ratio, and attempts to spin poor numbers regarding employment have been met with skepticism. More on this subject in the article below.

http://brucewilds.blogspot.com/2013/10/myth-of-economic-recovery.html

 

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