Americans' confidence in the U.S. economy nearly matched its highest monthly reading since 2008 in June, posting a reading of -8 compared with May reading of -7, according to the latest data from Gallup. On a quarterly basis, the index level was the highest ever recorded since Gallup began the survey in January 2008, and marked the third consecutive month that the confidence measure has improved.
A combination of factors contributed to the increase in confidence, according to Gallup. Higher stock prices and increasing home prices are the likely causes of the higher confidence readings.
When assessing current economic conditions, Americans' confidence was unchanged from -12 in May, one of the best ratings since Gallup began this tracking poll five years ago. Looking further ahead, Americans' confidence in the outlook for the U.S. economy slipped slightly to a reading of -3 from a reading of -1 in May.
Gallup notes that although confidence is growing, Americans remain negative about economic prospects. Job growth is barely growing and coming debates about raising the U.S. debt limit could set off another round of despair over the country's ability to solve its problems.
Filed under: Economy