Americans Have Low Economic Confidence

April 28, 2010

This article is included in these additional categories:

Analytics, Automated & MarTech | Data-driven | Financial Services | Staffing

Although many experts say the recession is ending or has ended, most Americans are not feeling confident about the state of the economy, according to a recent Harris Poll.

Almost 6 in 10 Americans See No Economic Improvement in the Coming Year
A combined six in 10 (58%) Americans do not think the economy will improve in the coming year. Thirty-three percent think it will stay the same, and 25% think it will get worse. Only 32% think it will improve, with 10% not sure.

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Eight in 10 Americans See No Economic Improvement in 6 Months
Americans are even less optimistic about the direction the economy will take in the next six months. A combined 80% do not think the economy will improve, with 50% saying it will remain the same and 29% saying it will get worse. Only 22% say the economy will get better.

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Economic Improvement Not Expected for a Year or Longer
When asked when they think the economy will start growing again, the largest percentage of Americans (39%) think it will take a year or longer. Seventeen percent think it has already started growing, and the same percentage thinks it will start improving in the next six to 12 months. A combined 18% think economic improvement will begin between now and the next six months, the same percentage which isn’t sure.

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Job Market Improvement Not Expected for a Year or Longer
Americans’ view of the job market is similar to their view of the economy. When asked when the job market will improve, 38% said not for another year or longer. Another 21% said between six and 12 months, and 10% think it is already improving.

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Consumer Economic Difficulties Persist
Consumers are experiencing increased economic difficulties, according to the April 2010 Consumer Reports Index. Although the Employment Index, which examines the change in employment of those that reported starting a new job, compared to those that have lost their job or were laid off in the past 30 days, entered positive territory for the first time since May 2009, the Trouble Tracker Index substantially grew. The Trouble Tracker Index measures consumer difficulties in areas such as bill payment, healthcare and loans. Consumers also reported increased levels of stress and demonstrated sluggish spending levels and financial confidence.

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