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Economic Confidence Hovers Near 8-Month Lows, Majority See Things Getting Worse

Tyler Durden's picture




 

With Small Business Optimism cratering to 15 month lows and CFO's skepticism at 2 year lows, it is no surprise that 'average joe' is also feeling a little less confident (despite the exuberance in equity markets). Gallup's U.S. Economic Confidence Index registered at -11 this week, which marked an eight-month low for the index. While current conditions are weak, more worryingly, the economic outlook has tumbled to its lowest since October with 56% of Americans saying "the economy is getting worse."

 

The weekly index made significant gains in the latter half of 2014, coincident with the decline in gas prices, and peaked in January at +5. Since then, scores have generally declined, with the latest figures representing the index's lowest since late October.

 

 

The economic outlook score was also unchanged, at -16, the result of 40% of Americans saying the economy is "getting better," while 56% said it is "getting worse."

 

Bottom Line

Much has occurred over the past week to leave Americans' confidence in the economy depressed. On Wednesday, a technical glitch suspended trading on the New York Stock Exchange for hours, on a day marked by significant stock losses. Meanwhile, abroad, Greece gathered a lot of attention, with the country's potential exit from the eurozone possibly having economic ramifications in Europe, the U.S. and elsewhere.

 

However, confidence had been trending downward even before the stock market glitch and the Greek referendum on austerity, so the recent good news may help confidence only to a limited extent.

Source: Gallup

 

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Wed, 07/15/2015 - 15:29 | 6316588 gdiamond22
gdiamond22's picture

Hike, Yellen - I dare you.

Wed, 07/15/2015 - 15:37 | 6316630 r3ct1f13r
r3ct1f13r's picture

Lost another keyboard to coffee on that one.

LITUV

Wed, 07/15/2015 - 15:55 | 6316695 Hype Alert
Hype Alert's picture

I would say they missed that window, but it was never open.

Wed, 07/15/2015 - 16:40 | 6316892 847328_3527
847328_3527's picture

Well, Barry colluded with Wall Street and the Fed to crush, wipe out, the Middle Class. So there's no hope of this recovery in the near future since there's no consumers.

Wed, 07/15/2015 - 18:46 | 6317348 prodigious_idea
prodigious_idea's picture

"Getting worse".  Must explain the drop in the price of gold

Wed, 07/15/2015 - 15:33 | 6316592 JustObserving
JustObserving's picture
Majority See Things Getting Worse

Yellen raising rates in September is just what the doctor ordered.

Forward - to more lies and deceptions.

Wed, 07/15/2015 - 15:32 | 6316605 Dr. Engali
Dr. Engali's picture

Print moar bitchez! The show must go on.

Wed, 07/15/2015 - 15:34 | 6316613 FreeShitter
FreeShitter's picture

No rate hike, just more qe and "market" distortions. Its going to get much worse in that regard. Until people wake the fuck up, the beatings must continue.

Wed, 07/15/2015 - 15:36 | 6316626 J Jason Djfmam
J Jason Djfmam's picture

Sadly, the beatings will continue long after eveyone has woken up.

Wed, 07/15/2015 - 15:48 | 6316667 Winston Churchill
Winston Churchill's picture

We will have much worse things to worry about by the September FOMC meet IMO.

Never seen such a confluence of bad things all  coming to a head right about

then.Whether its Greece,HY,oil,war or something from left field, there is a shitstorm on the horizon.

These last 6 years we have been sitting in the hurricane's eye, an experience I am only too familar with.

The backside of the storm is always much worse than the leading edge, and Mr.Yellen Canute cannot

stop it.

Wed, 07/15/2015 - 15:36 | 6316623 Dixie Flatline
Dixie Flatline's picture

Recovery Summer VII

Wed, 07/15/2015 - 15:37 | 6316629 J Jason Djfmam
J Jason Djfmam's picture

Bottom line: Business Sucks.

Wed, 07/15/2015 - 15:36 | 6316627 Rainman
Rainman's picture

I guess the unambiguously good gas price bonus effect has worn off .

Wed, 07/15/2015 - 15:46 | 6316661 disabledvet
disabledvet's picture

Puerto Rico here wen come!

Wed, 07/15/2015 - 16:36 | 6316869 Gambit
Gambit's picture

Fucking absurd, while oil is cratering gas prices in LA are $4.50+ and climbing.

Wed, 07/15/2015 - 15:38 | 6316633 The Whistleblowers
The Whistleblowers's picture

Turn out the lights, the party's over.

Wed, 07/15/2015 - 15:41 | 6316643 aliki
aliki's picture

today i heard a republican senator who was questioning janet yellen & jeff gundlach utter the same 2 words: NEGATIVE RATES

i don't believe in coincidence

Wed, 07/15/2015 - 15:43 | 6316652 wmbz
wmbz's picture

"56% of Americans saying "the economy is getting worse."


Who the hell is this whinng ass 56%?

It's always awesome and getting awesomer here in Obozo land... A.K.A. the good 'ol USSA!

This 56% had better be careful or they will find themselves being hauled for some re-edumacation!

Wed, 07/15/2015 - 15:50 | 6316675 Mike Honcho
Mike Honcho's picture

I ignore these polls confidently because most dont know shit.

Wed, 07/15/2015 - 15:59 | 6316717 who cares
who cares's picture

How much further the LIE is going to go?

Wed, 07/15/2015 - 16:33 | 6316858 Consuelo
Consuelo's picture

Until you are positively convinced that reality has in fact, been suspended.

Wed, 07/15/2015 - 17:31 | 6317066 goldman58
goldman58's picture

It's no wonder why people have had it

Look at the price of gas here in New York

Oil has caved more than $12 a barrell and gas hasnt gone down one fucking penny

What's wrond with that picture?

Wed, 07/15/2015 - 17:31 | 6317067 goldman58
goldman58's picture

It's no wonder why people have had it

Look at the price of gas here in New York

Oil has caved more than $12 a barrell and gas hasnt gone down one fucking penny

What's wrond with that picture?

Wed, 07/15/2015 - 17:51 | 6317150 Stevious
Stevious's picture

Same in NH.  18% drop in crude, add 11+ days...gas should have dropped here over 40 cents.

Crude rises a bit and gas rises within 24 hours.

Crude drops and maybe in a month or three we'll see a drop.  

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