No Surprise: Americans not optimistic about economic conditions

According to The Harris Poll, a closely watched survey of American opinion, most Americans say they will cut spending on large items, entertainment and dining out.

Released Tuesday (Dec. 2), the survey was was conducted online between Nov. 10 and Nov. 17 among 2,126 U.S. adults.

“People are hunkering down for more, and prolonged economic hardships and have taken steps to protect themselves for the next six months by not spending — no big ticket items, no vacations, no eating out and no entertainment,” according to language in The Harris Poll survey.

Specific results of The Harris Poll include:

• Southerners are more optimistic in general. They are more likely to say their financial situation will be better 6 months from now (30%) and are more optimistic about the economic conditions of their region over the next 6 months (32%).

• Almost three in five Americans (58%) say their household’s financial condition has worsened when compared to a year ago, while 28% say it has remained the same and just 14% say it has improved.

• Projected 6 months from now, one-third (33%) of Americans believe their household’s financial condition will be worse and 43% say it will be the same. Just one-quarter (24%) believe their financial situation will be better.

• When it comes to the economic conditions in their metropolitan region, Americans are not optimistic. Over half (53%) say they are pessimistic about the economy of their region over the next 6 months while one-quarter (24%) are optimistic and 23% are neither optimistic nor pessimistic.

• Almost two-thirds of Americans say it is likely that they will decrease spending on eating out in restaurants (65%) and reduce their spending on entertainment (64%).

• Large purchases will also suffer as more than three-quarters of Americans say it is not likely they will buy a new computer (78%), move to a different residence (82%), buy or lease a new car, truck or van (88%), purchase a house or condo (90%), start a new business (91%) or buy a boat or recreational vehicle (95%).

The Harris Poll report concludes with this statement: “Until the new Presidential administration works through a comprehensive economic stimulus package, Americans will do what is best for them — spend less and wait it out.”