Consumer outlook for the U.S. economy slipped to the lowest level since January, reports new data from Gallup. U.S. households held a negative view for both the current economic conditions and the perceptions of the economy’s direction.
The Gallup Economic Confidence registered a -27 for the month of August, which matches the prior monthly low for the year in January, reports Daily Finance. According to Gallup, the reading shows a drop of 10 percentage points from the four-year high of -17 recorded in May.
The largest drop was in consumers’ views about their own economic future, with the outlook dimension falling three points from -23 to -26. Consumer perception of current economic conditions remained stable at -29, a rating that was one point below the July average and similar to levels seen from January to March, reports Gallup.
Economic confidence was highest amongst self-identified Democrats which improved from +7 to +9. Confidence amongst self-identified Independents and Republicans dropped three points from -30 to -33, for Independents, and -54 to -57, for Republicans.
Additionally, Gallup’s data shows that economic confidence didn’t improve during the Republican National Convention—and in fact dropped -29, the lowest rating of the entire month. However, the three-point drop throughout August, -26 to -29, was less than the six-point drop in July and the eight-point drop in June.