Gallup: Economic confidence at lowest point of 2011

The polling company’s economic confidence measure fell to its lowest level (-26) of 2011 during the week of Feb. 20, and now sits at basically the same point as a year ago, when it stood at -27. The confidence index had been at its highest point of the year, -18, just a week earlier. 

In its report on the measure, Gallup said that the drop in optimism could be for any number of reasons, from the unemployment situation and gas prices to the current fluxes in the Middle East and in Wisconsin.

“Up to this point in 2011, there seems to have been a relatively great amount of optimism about the U.S. economy going forward,” Gallup found. “Whether last week’s deterioration in consumer confidence is the beginning of a new trend or just a short-term aberration remains to be seen.” 

The polling company’s findings are something of a different conclusion than that of the Conference Board, which announced earlier Tuesday that its monthly consumer confidence index had reached heights not seen in three years. 

Gallup said the two figures that make up its confidence measure — consumers’ rating of the current economic conditions and thoughts on whether the economy is improving. Both declined last week.