Americans' confidence in the U.S. economy was positive in October, with
the Economic Confidence Index (ECI) at plus 3 for the month after
recording a plus 4 in September. Though the index's current reading is
on the low end of what has been measured for 2017 so far, it remains
well above the mostly negative ratings recorded from 2008 to 2016.
Confidence was higher earlier in the year as President Donald Trump's
inauguration renewed economic hopes among Republicans.
Weekly
index ratings in October showed the varying degrees of confidence
Americans had in the national economy over the course of the month. In
early October, Americans' confidence dipped into negative territory, for
the first and only time so far in 2017, before recovering in subsequent
weeks.
The ECI is the average of two components -- how Americans
rate current economic conditions and whether they feel the economy is
improving or getting worse. The index has a theoretical maximum of plus
100 if all Americans were to say the economy is doing well and
improving, and a theoretical minimum of -100 if all were to say the
economy is doing poorly and getting worse.
Last month, 34 percent
of Americans described the economy as "excellent" or "good," while 22
percent described it as "poor." This resulted in a current conditions
component of plus 12 for October -- consistent with the plus 11 to plus
14 range this component has remained within since July.
Meanwhile,
a majority of Americans said the economy was "getting worse" (51
percent), compared with a smaller 44 percent who said it is "getting
better." As a result, the economic outlook component equaled -7 in
October, one of the lower readings in the past year.
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