American’s are increasingly less confident about the future health of the economy.
A Bloomberg National Poll found that, in September, 27% of respondents expected the economy to improve over the coming year. That’s down from a Bloomberg survey, taken in June, in which 39% of respondents expressed optimism for the next twelve months.
In the latest poll, 44% of those questioned said they thought the economy would stay the same over the next year, while 28% predicted that conditions would worsen.
Fully 68% of respondents feel that the U.S. is heading in the wrong direction, economically. Just a quarter think things are moving in the right way.
Americans’ lack of confidence in the economy is prompting many to be cautious. About 80% said they do not plan to borrow more money, while 40% see their financial resources and spending unlikely to change any time soon.
Since the end of the recession in June 2009, the U.S. economy has generated average growth of just 2.1%. That is well below the 3.1% average growth rate over the last 50 years.