Upper-Income Americans' Economic Confidence Shaken
Gallup's Economic Confidence measure is at -52, down sharply from -42 in July
by Dennis Jacobe, Chief Economist
PRINCETON, NJ -- Upper-income Americans' economic confidence was badly shaken in August, with 80% saying the economy is "getting worse," up from 66% in July. This is the first month since the financial crisis of late 2008 and early 2009 that upper-income Americans are more pessimistic about the future direction of the U.S. economy than other Americans.
Normally, upper-income Americans tend to be more optimistic about the future of the economy than those with lower incomes. Additionally, the percentage of upper-income Americans expressing concerns about the future direction of the economy is the highest it has been since February 2009.
Middle- and lower-income Americans' outlook also deteriorated in August, with 77% saying the economy is "getting worse." This is up from 71% in July and its highest level since February 2009.
More Upper-Income Americans Rating the Economy "Poor"
Fifty-four percent of upper-income Americans rate current economic conditions "poor" in August, up from 42% in July. This is the highest percentage providing this rating since March 2009.
Fifty-four percent of middle- and lower-income Americans also rate current economic conditions poor in the August, up from 51% in July and the highest since April 2009.
Gallup's Economic Confidence Index, which combines the prior two measures, plummeted among upper-income Americans in August to -55, from -33 in July. The index fell to -52 among middle- and lower-income Americans. Economic Confidence Index scores for both income groups have now sunk to their lowest levels since February 2009.
http://www.gallup.com/poll/149414/Upper-Income-Americans-Economic-Confidence-Shaken.aspx
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