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    Americans' Confidence in Economy Drops Amid Market Instability

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    Americans’ confidence in the economy has declined and could further erode as world markets sell-off on bad news from China, according to a Gallup poll released on Tuesday.

    WASHINGTON (Sputnik) – The US Economic Confidence Index dropped from —11 to —14 based on a +/-100 point scale for the week ending August 23, with 58 percent of Americans saying that the economy is getting worse.

    “The situation in China may continue to reverberate in the US… To the extent stock markets continue to suffer, particularly if this affects broader aspects of the economy, Americans' confidence could be shaken further in the coming week,” Gallup said.

    This is the second time in the past two months that an international economic crisis appears to have impacted US stock prices and economic confidence, the release explained.

    Last month, US economic confidence also dropped to —14 as the Greek debt agreement was finalized.

    World markets have been battered on economic uncertainty coming out of China, the world’s second largest economy. The Shaighai Composite index has fallen nearly 40 percent since a June peak.

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