If you trust investment advisors such as myself, the economy might actually be in fairly good shape moving forward. That's according to the results of something called the Advisor Confidence Index, which surveys advisors about their feelings toward the markets and the economy. The ACI found that advisor confidence rose by over 2 percent in July.
That's not just an outcome of the modest recovery we've been in the midst of for the past two years. This particular gauge had been dropping earlier in the year, and July was the first month of 2011 to show an increase. Since January 1st, the advisors' level of confidence in the economy had fallen by 20 percent. In June alone, the gauge had fallen by 9 percent.
The current reading of this particular survey takes us up to Monday. We'll have to wait and see how advisors' confidence fares once the bruising fight over the debt ceiling has ended.
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