Americans Shift Into Pessimistic Mode About Economy


A majority of Americans now say economic conditions in the country are getting worse.




Federal Reserve Chairman Alan Greenspan is scheduled to testify before the House Committee on Financial Services on Wednesday to discuss monetary policy and the state of the economy.




Fifty-seven percent of Americans in a July 9-11 Gallup poll feel economic conditions in the country as a whole are getting worse, while just about three in 10 Americans say conditions are getting better.




The latest results find that for the first time in eight months, a majority of Americans view economic conditions negatively. The public had become more optimistic about the economic outlook in March and April of this year, with a majority then saying economic conditions were getting better. Gallup polling in June found the public becoming more pessimistic about the economy, but even at that time, more people rated the economy positively than negatively.






Public Optimism About Stocks Nosedives


Only three in 10 Americans feel the stock market will go up in the next six months.




A new Gallup poll finds a 17-point increase in the percentage of Americans who feel the stock market will go down in the next six months.




The poll, conducted July 9-11, shows that more than four in 10 Americans feel the stock market will decrease in value in the next six months. Roughly three in 10 Americans feel the stock market will go up, and one in five say it will remain the same. A June poll, in comparison, found that more than four in 10 Americans felt the stock market would go up, compared to roughly one-quarter who thought it would go down and one in five who felt it would stay the same.