Workers’ confidence in the labor markets tumbled sharply in June according to the latest update of the Rasmussen Employment Index. For the first time in the five-year history of the Index, the number of employees whose employer is laying people off exceeds the number whose firms are hiring.
After a brief rebound in May, economic confidence among small business owners dropped to a record low in June as the number of those who think the U.S. economy is getting worse expanded to nearly 80 percent. The Discover(R) Small Business Watch(SM) plummeted in June to 71.8, down 10 points from 81.8 in May.
Sixty percent (60%) of American voters say it’s at least somewhat likely that gas prices will reach $5 a gallon this year. A Rasmussen Reports national telephone survey found that 35% are even more pessimistic and believe $6 a gallon gas may come in 2008.
Despite the weakness in the housing markets and the overall economic malaise, only 9% of American homeowners say their houses are worth less today than when they were purchased. The latest Rasmussen Reports national telephone survey found that 80% of the nation’s homeowners say their homes have increased in value since they were purchased.
In a counterpoint to the current economic environment, the COUNTRY Financial Security Index(SM) jumped 1.5 points to 69.3 in June.
Most voters favor the resumption of offshore drilling in the United States and expect it to lower prices at the pump, even as John McCain has announced his support for states that want to explore for oil and gas off their coasts.
A Rasmussen Reports national telephone survey found that 29% of voters favor nationalizing the oil industry. Just 47% are opposed and 24% are not sure.
The Discover U.S. Spending Monitor rose 1.4 points in May to 86.8 as consumers braced for higher spending in the wake of record gas and food prices. The Monitor posted record high percentages of consumers who said they spent more in May than April (56 percent) and who expect to spend more next month (46 percent), both up by six points respectively.
For the first time since October, confidence in the labor markets increased during May. The Rasmussen Employment Index (formerly the Hudson Index) gained nearly two points in May to 84.6.
Fifty-six percent (56%) of voters nationwide say that the economic stimulus package passed earlier this year has had no impact on the economy. The latest Rasmussen Reports national telephone survey found that 57% believe that if Congress and the President do nothing more, the economy will be in even worse shape a year from now.
As another class of college students graduates with enormous student loan debt, parents are also feeling the pinch.
One constant in American political life is that the American people believe tax hikes are bad for the economy. The latest Rasmussen Reports telephone survey found that 60% of voters hold that view while just 14% believe that raising taxes is good for the economy.
Forty-six percent (46%) of America’s Likely Voters favor a federal gas tax holiday this summer. A Rasmussen Reports national telephone survey found that 42% are opposed and 12% are not sure.
The April Discover U.S. Spending Monitor reflected a continuing pattern of economic concern from consumers in the face of rising expenses. For the last four months including April, the Monitor has remained in the 85-86 range.
For the sixth time in the last seven months, confidence in the labor markets tumbled during April. The Rasmussen Employment Index (formerly the Hudson Index) fell nearly a point in April to 83.1. That’s down twenty-four points from a month ago and once again establishes a new all-time low for the five year history of the Index.
Small business economic confidence continues to slide, marked by another drop in the number of owners who say that economic conditions for their business are getting better.
The latest Rasmussen Reports national telephone survey found that 65% of Likely Voters oppose an increase in the Capital Gains tax. Just 16% favor an increase, while a fifth of voters are not sure.
The latest Rasmussen Reports national telephone survey found that 42% of Americans think that a Yahoo merger will have little impact on Internet users.
On Tuesday, John McCain unveiled a proposal laying out an agenda to change the tax code and temporarily suspend federal gas taxes this summer.
Amid fears of a possible recession, Americans feel less secure about their finances now than at any other time in the last 14 months, according to the COUNTRY Financial Security Index(SM). The Index recorded its third consecutive decline in April, slipping .7 points to 67.8, marking its lowest reading to date.
