US Economic Confidence Index Steady

U.S. Economic Confidence Index (ECI) was stable last month compared with December. The index score of minus 11 in January is higher than most monthly averages since 2008, but still below the post-recession high of plus 3 from January 2015.

There was a brief spite in mid-January, immediately after President Barack Obama's State of the Union address in which he touted certain economic successes, including the creation of private-sector jobs and growth in the auto industry. However, confidence during the remainder of the month was lower, resulting in no change in the overall index from December.

In January, 26 percent of Americans rated current economic conditions as "excellent" or "good," while 29 percent rated them as "poor." This resulted in a current conditions score of minus 3, similar to the minus 4 in December. Meanwhile, the economic outlook score was minus 18, matching the November and December scores. This was the result of 39 percent of Americans saying the economy is "getting better" and 57 percent saying it is "getting worse."

Americans' assessment of the U.S. economy continues to skew negative, as it has for most of the past year. This is the case both in their view of current conditions and their sense of the economy's direction. While low gas prices have helped keep confidence stable and -- at least in recent months -- modestly improving, turmoil in the stock market and reports of slow retail sales may be weighing down any perceived improvements in the U.S. economy.