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RAPAPORT... U.S. consumer confidence continued to improve slightly following a steep decline four weeks ago with the federal government's shutdown, according to Gallup. The Gallup Economic Confidence Index rose two points to negative 27 points this past week, and while this represents an improvement from negative 39 points during the mid-October shutdown, the index is well below the negative 15 points that Gallup measured in mid-September before confidence deteriorated.
Gallup determined that consumer confidence appears to be recovering more slowly than it had after other instances of political brinkmanship, such as the fiscal cliff debate at the end of 2012 and the sequestration debate in early March. However, Gallup pointed out that consumer confidence did not drop as sharply during those events as it had during the recent shutdown.
This past week, 62 percent of consumers believed that the U.S. economy was getting worse, while 34 percent said it was getting better, which resulted in a negative 28 point net economic outlook score, up from a negative 46 point reading in mid-October. Fourteen percent of consumers said the economy was excellent or good, while 39 percent said it was poor, resulting in a net current conditions score of negative 25 points.
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