Last week, economic confidence experienced its greatest one-week improvement since Gallup began daily tracking in January 2008. Gallup’s index posted an 11-point spike in confidence, nearing a high for the year and ending an extended period where the index reflected Americans’ uncertainty about the economy. The gains coincide with a University of Michigan Surveys of Consumers report showing an uptick in consumer confidence in August. But, though consumers’ attitudes about their present financial situation improved, their outlook on the future and expectation of wage gains were unchanged. Many respondents cited reductions in outstanding debt, rather than increasing income, as the reason for their improved financial standing. More here and here.
