Americans again are giving the economy two thumbs up. The
Gallup Economic Confidence Index has increased for seven straight months after falling to -52 during the federal debt crisis last August.
In March, the Economic Confidence Index reached -20, up from -22 in February to its highest level since Gallup Daily tracking began in January 2008.
The Index takes into account two things – Americans ratings of current economic conditions and their perceptions of whether the economy is getting better or worse.
Editor's Note: Wall Street Insider: The System Is Rigged
It's the sense that things will be better down the road that has fueled the surge in Americans' overall economic confidence since last summer.
The economic outlook component of the Index has improved 47 points to -12 and -59 in August 2011. Meanwhile, perceptions of current economic conditions have improved by only 18 points to -28 from -46.
Who's most optimistic? As is typical, the well-heeled. The Index among upper-income Americans, those making $90,000-plus a year is -10, higher than that among other income groups, despite leveling off in March.
What's the takeaway? Americans' are saying, “I do believe, I do believe” that the economy is improving.
For seven straight months, they've given it a vote of confidence. They aren't focusing on the negatives, like gas prices that continue to creep upward and instead hold fast to signs of hope in the employment picture, as well as Federal Reserve Board Chairman Ben Bernanke's continued commitment to the Fed's stimulative policies.
Editor's Note: Wall Street Insider: The System Is Rigged
© 2013 Moneynews. All rights reserved.