Gallup: US Economic Confidence Highest in 9 Years

Gallup: US Economic Confidence Highest in 9 Years

Gallup: US Economic Confidence Highest in 9 Years

$DIA, $SPY, $QQQ, $VXX

The election of Donald Trump as President not only helped the stock market to reach record highs, but also has lifted Americans’ confidence in the economy.

Tuesday, The Trump Rally extended with the S&P 500 and NAS Com at record highs.

Gallup’s US Economic Confidence Index last week rose past its prior high of +11 to a reading of +13, the highest ever.

“Americans have viewed the economy more positively since President Donald Trump’s election in November than they did in the nine years prior — largely attributable to improved confidence among Republicans,” Gallup said in a statement.

While unemployment declined and businesses bounced back from a global financial crisis during Obama’s eight-year tenure, millions of people dropped out of the workforce and wages stagnated.

“Although many aspects of the economy are better now than they were when Obama took office, Trump seized on some of its weaknesses to convince Americans to elect him president,” Gallup said. “Trump’s ability to improve upon Obama’s economic record will go a long way in determining whether Americans remain confident about the health of the economy.”

Gallup’s US Economic Confidence Index is the average of two components: how Americans rate current economic conditions and whether they feel the economy is improving or getting worse.

The index has a theoretical maximum of +100 if all Americans were to say the economy is doing well and improving, and a theoretical minimum of -100 if all Americans were to say the economy is doing poorly and getting worse, Gallup’s statement said.

The economic outlook score was +13, based on 53% of Americans saying economic conditions in the country were “getting better,” and 40% saying they were “getting worse.”

gallup_eci.png

  • Russell 2000 +0.9% YTD
  • DJIA +0.8% YTD
  • S&P 500 +1.8% YTD
  • NAS Comp +4.1% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Bullish (0.30) Neutral (-0.10) Bullish (0.46) Very Bullish (0.54)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Bullish (0.27) Neutral (0.06) Bullish (0.42) Bullish (0.33)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Very Bullish (0.51) Bullish (0.48) Very Bullish (0.53) Very Bullish (0.53)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Bearish (-0.37) Neutral (-0.20) Very Bearish (-0.71) Neutral (-0.21)

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

You must be logged in to post comments :  
CONNECT WITH