Consumer confidence drops sharply in new Gallup poll:
Gallup’s U.S. Economic Confidence Index was -9 for the week ending May 3 — its lowest weekly score since December. This reflects a six-point decline from the previous week, and is the largest week-to-week drop since last July.
After falling from the high points in January and February this year, the index had barely moved in the previous six weeks. It had wavered between -3 and -4 since late March, before dropping last week. This included an average of -3 for all of April. And nearly all weekly readings in 2015 prior to now had been close to zero, with little week-to-week change.
Even after last week’s sharp decline, the index’s latest figure is well above most readings Gallup recorded from 2008 to 2014.
Gas prices are a delightful and obvious bright spot for consumers, one we get reminded of every time we fill up the tank. Yet even that isn’t enough to stop the slide.