The confidence Americans felt in the economy sank at record speed in the past month as the devastation from the coronavirus spread, but they are apparently more hopeful now that the worst of the damage has been done. Those are the findings in a weekly survey of consumer confidence conducted by an organization called Morning Consult.
Not surprisingly, the Morning Consult index had been in a freefall the past few weeks, diving to a record low of 81.23 in the first week of April, That followed a record high of 115.7 in February.
Since then, it has edged up a few points. Why is that? Americans are still extremely worried about the economy right now. What’s nudged confidence higher is the increasing belief that the economy will be slightly better off in the long term, 12 months from now.
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