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Gallup: Economic Confidence Hits Highest Level in 5 Years

Oct. 31, 2012
US Economic Confidence

The U.S. economic confidence has improved to a five-year high for the week ending Oct. 28, thanks to recent positive economic news, the Gallup said.

The current data, conducted within two weeks of the upcoming presidential election, are the most positive since Gallup began daily tracing of economic confidence in 2008. The survey was conducted on 2,921 adults from Oct. 22 to Oct. 28, with an error margin of about 2 percent.

The uptick in economic confidence last week resulted from an improvement in both components of the index -- one that assesses current economic conditions and the other that assesses the nation's economic outlook, the Gallup said in a report on the poll.

It finds that 16 percent of Americans say the economy is excellent or good, while 39 percent consider it poor. Forty-five percent of Americans say the economy is getting better, while 49 percent believe it is getting worse. Nevertheless, this is the most positive economic outlook score since 2008.

Although economic confidence has its best showing since 2008, the majority of Americans still say the economy is fair or poor, and a slight plurality say the economy is getting worse rather than better, the Gallup said.

Despite the positive news last week, including a decline in unemployment and a stronger GDP growth during the third quarter, it remains unknown if they will push economic confidence into the net positive range in the coming weeks.

"Americans will likely need additional signs of consistent economic growth and reasons for improved optimism before confidence will finally cross into positive territory," the Gallup said.

The positive economic news could help President Barack Obama with his bid to seek re-election, as economy remains the central theme of this year's presidential election. Obama has been neck in neck with his Republican challenger Mitt Romney in the race, which is expected to end on the Election Day on Nov. 6.

Source: Copyright Xinhua News Agency - CEIS 2012

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