For the week ending January 6th, the Gallup U.S. economic confidence index came in at -21, an improvement of 1 points the previous week's reading of -22, but down sharply from the average reading of -13 for the month of November.
The largest drop came from the reading on the economic outlook, down from a high of -1 in early November to -18. The current conditions index came in at -24, down from -18 in early November.
The polling firm noted:
… Americans became less confident in the economy. And their confidence remains lower even after Congress passed and President Obama signed into law a bill that successfully staved off the fiscal cliff. Now that the deal is done, it is possible that Americans will start to feel better about the economy in the days and weeks ahead. However, lingering concerns could keep confidence from improving much, as happened in September and October 2011, after the debt ceiling debate.
The default on U.S. debt remains a serious threat to the economy, with the political divide in Congress unchanged since the last election.
Filed under: 24/7 Wall St. Wire, Economy, Research