Confidence in the US economy in September fell to levels not seen since January but not quite as low as during the onset of the coronavirus crisis in the spring of 2020, according to the latest survey released by Gallup on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 29th September, 2021) Confidence in the US economy in September fell to levels not seen since January but not quite as low as during the onset of the coronavirus crisis in the spring of 2020, according to the latest survey released by Gallup on Wednesday.
"The latest index score is -21, down from -12 in August after falling from -6 in July. September's score matches the record low for 2021 that was recorded in January. At that time, increased pessimism among Republicans just ahead of the presidential transition was found to account for the drop," a press release explaining the poll said.
Gallup's Economic Confidence Index represents Americans' net optimism about the economy, combining their views about current economic conditions and perceptions of the direction of the economy.
The index has a theoretical maximum of +100 if all Americans were to say the economy is "excellent" or "good" and improving, and a theoretical minimum of -100 if all were to say the economy is "only fair" or "poor" and getting worse.
After taking a steep nosedive during the onset of the pandemic, economic confidence has largely remained below zero, only shortly dipping up to +1 and +2 twice in 2021.
Americans' confidence in the economy as captured by the index in September is not as low as the -33 recorded in April 2020.
The latest index reading likely reflected the August jobs report released September 3 showing weak job growth compared with prior months. Inflation could also be a factor, with consumer prices up 5.3% in August compared with the same month last year, according to the release.
The economic confidence level was gauged September 1-17 among 1,005 US adults living in all 50 states and comes with a 4% margin of error.
