Confidence In The Economy Flat In May

Americans' confidence in the economy was flat in May with the economic confidence index averaging minus 14 for a second month - a seven-month low. The reading was quite a bit lower than the May 2015 reading of minus 7. The monthly index scores from the past couple of years have been well above most of the readings in Gallup's eight-year trend, particularly the dismally low ones recorded in the years after the Great Recession. Examining the index on a weekly basis, however, reveals that confidence has recently improved somewhat. The past two weeks have both registered at minus 12, a minor improvement from the minus 14 to minus 16 weekly readings from mid-April to mid-May.

In May, the current conditions score registered minus 5, one point higher than in April. This was the result of 25 percent of U.S. adults rating the current economy as "excellent" or "good," and 30 percent rating it as "poor." Meanwhile, the economic outlook score went down one point to minus 22. This was the result of 37 percent of U.S. adults saying the economy was "getting better" and 59 percent saying it was "getting worse."

Americans' confidence in the U.S. economy remains negative, although recent weekly readings of the index could mark a turning point. The consistent level of confidence reflects the balance of good and bad news from the Bureau of Labor Statistics' latest report -- job growth slowed in May, but the unemployment rate dipped to its lowest rate since 2007.