Americans are losing confidence in the economy

Gallup's weekly economic confidence poll shows that more Americans see the economy as bad and getting worse than good and getting better.

Gallup noted that their economic confidence index, which combines views on current economic conditions and expectations for the future, has been on a generally downward trend since the start of this year.

Gallup also noted that the current poll, based on responses from the week ending July 26, showed that 23% of Americans said the economy was good or excellent, compared to 32% rating it as poor. As for the future, 39% said the economy is improving, while a majority 57% said things are getting worse.

"Though Americans' confidence in the national economy has skewed negative for six months now, the recent drop of the current conditions component comes on the heels of a new path for solving the Greek debt crisis and amid a tumultuous period for Chinese stocks," Gallup's Justin McCarthy said. "The instability abroad could be fueling Americans' doubts about the health of the U.S. economy, not to mention that the Dow closed lower several days in a row last week."

This gives us another data point indicating that Americans are worried about the economy, a day after the Conference Board's consumer confidence index hit a ten month low.

Gallup