Americans’ confidence in the U.S. economy tumbled along with the Dow Jones industrial average last week.
Though still in positive territory, Gallup’s U.S. Economic Confidence Index (ECI) dropped six points to a score of +5 for the week ending March 26.
This is the lowest weekly average since the presidential election in November, Gallup reported.
“Americans’ falling confidence in the economy may be tied to events in Washington and on Wall Street. Last week, the Dow logged its worst week since September as congressional Republicans ultimately failed to vote on legislation that would repeal and replace the Affordable Care Act. However, confidence waned prior to the effort to replace the ACA dying in Congress on Friday. This suggests that the broader GOP infighting earlier in the week, rather than the decision to pull the bill itself, may have been a factor, in addition to the market’s poor performance,” Gallup reported.