"Gallup's US Economic Confidence Index was minus 16 in three-day rolling averages recorded before and after the [UK] referendum," a Gallup press release revealed on Tuesday. "This might suggest that Americans are taking a wait-and-see approach before assessing the vote's effect on the US economy, or that Americans are simply unconcerned with matters across the Atlantic."
Many investors panicked following the UK referendum, with the Dow Jones industrial average plunging 610 votes, or 3.4 percent on first day following the news of Brexit.
Confidence has been consistently negative for well over a year — similar to how it has been for most of Gallup's tracking of the index since 2008. While the weekly averages in 2016 have fallen short of the positive ones recorded in late 2014 and early 2015, they are still well above dismally low figures registered in the aftermath of the Great Recession.
The index averages two factors: how Americans rate current economic conditions and whether they feel the economy is improving or getting worse, the release explained. The index has a theoretical maximum of plus 100, if everyone surveyed were to say that the economy is doing well and improving, the release noted.