Americans Growing More Pessimistic About Economy
By Hal M. Bundrick
NEW YORK ( TheStreet) -- As the U.S. struggles to regain its footing in recovery, the government shutdown is causing Americans to lose confidence in the economy. A Gallup poll reports that two-thirds (67%) of Americans now say the economy is getting worse. That is the highest rate of pessimism since December 2011.
The U.S. economy was on shaky ground before the D.C. disruption. Gallup's Economic Confidence Index saw a slide to -19 for the month of September, compared with -13 in August. But a significantly sharper decline in confidence has been evident most recently, leading to a current -34 three-day average.
The index is based on survey respondents' views of economic conditions and their perceptions of whether the economy is getting better or worse. At this point, 43% of those polled say the economy is in poor shape."The White House and Wall Street keep telling us that the economy is improving, and they point to the unemployment rate and other economic indicators.
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