Economic Confidence Among Americans Continues To Increase In November, New Report Finds

A new report by Gallup revealed that economic confidence among Americans continues to improve in November. According to Gallup's U.S. Economic Confidence Index, the reading for the first half of November is the "most favorable readings of the year and since the economic downturn in 2008."

The report explained that although the economic confidence for the week was -11, it ended down to -14 from the week Nov.6-8, which ended at -7. Gallup wrote, "Confidence may have receded as a result of the drop in the stock market after the Nov. 6 election, and the renewed focus on the pending 'fiscal cliff' at the end of the year."

According to Gallup, the drop in economic confidence was a direct result of changes in the two components of the index. "One that assesses current economic conditions and the other that assesses the nation's economic outlook." Despite the downturn, the week's results continue to be "the most favorable evaluations so far this year."

Gallup's report also found that 47 percent of Americans say the economy is improving, while 49 percent say it is getting worse. Another 17 percent of Americans told Gallup they believe the economy is "excellent or good," but 36 percent said it is poor.

Economic confidence among Democrats (+36) and Republicans remained unchanged since last week, Gallup reported. However, Independents saw a seven-point decline from -10 last week to -17 this week.

According to Gallup, "The lack of change among Democrats and Republicans may not be surprising, given that the incumbent was re-elected and both parties may expect the same economic policies and conditions to persist."

"On the other hand, had Romney secured the presidency, attitudes about the future of the economy might have changed," its report added.

Despite a steady improvement to the economic confidence of Americans, there are several issues that will rock confidence, among them fears of a threatening fiscal cliff. However, Gallup predicts that the upcoming holiday shopping season will also have an effect on opinions on the economy,