US economic confidence faltering, savings account holders told
Savings account holders have learned a new poll has suggested that economic optimism in America has taken a tumble.
Research organization Gallup revealed its economic confidence index fell by five points last week, after improvements in April and the early part of this month, despite Confidence Board figures hinting at a financial upturn.
Gallup suggested American consumers are still anxious about global financial worries and their impact on Wall Street, adding: "All told, current consumer and investor psychology is extremely fragile. Memories of late 2008 and early 2009 are still fresh in consumers’ minds."
The firm warned markets should take care not to base decisions on "out-of-date" economic data and hinted that an imminent consumer optimism survey carried out by Reuters and the University of Michigan may already be inaccurate.
Last week, minutes from a Federal Reserve board meeting held in April were published and hinted that interest rates may be held between zero and 0.25 per cent for some time to come, due to persistent concerns about the worldwide economic recovery.
Written by Chris Moore