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CNN Live At Daybreak
Gallup Poll: Americans and the U.S. Economy; GDP Numbers Released
Aired July 27, 2001 - 07:40 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
COLLEEN MCEDWARDS, CNN ANCHOR: We want to take a broader look now at consumer confidence. We've got Gallup Poll Editor-in-Chief Frank Newport with us this morning.
Frank, how are people doing?
FRANK NEWPORT, EDITOR-IN-CHIEF, GALLUP POLL: Well, Colleen, not so bad.
We just updated in July our update on economic perceptions and feelings on the part of the American public, and kind of the gentlemen who was interviewed there near Penn Station probably typified it, people are -- know the economy is down, but we've got some signs here that it's not as bad as we might think.
Now, first of all, just rate the economy is what you're looking at here. Clearly, it's down. It was up at 67 percent giving us positive marks on the economy. These are the American people talking to us here back in January, and it really fell down and it's leveled out here now at 41 percent positive. You can see the big change here.
Look at this, however, this is looking ahead. Is the economy getting better or getting worse? Now this, of course the bad line is this top line -- this red line went up to two-thirds of Americans said getting worse as recently as February but that's kind of been coming down a little. Notice this bottom line getting better. It's been inching up. In just this past week, it was at 35 percent. So that's a little sign that maybe people are getting a little more optimistic.
We asked people what's the most important problem facing the country today? Economy -- 14 percent mentioned the economy. And then if you'll look below it, these are the other top categories of what people mentioned, nothing to do with the economy. Back in the early 1990s, Colleen, this was up in the 40 percent range. So top of mind, we're clearly not anywhere like we were back then.
And layoffs, well, about, you know, one-out-of-five, one-out-of- four workers are worried about being laid off but that hasn't changed this year either. Despite all these announcements, we're not seeing a big uptick there. This bottom line percent who say they're worried about being laid off has been flat.
All in all, Colleen, our interpretation is Americans know the economy is down but there may be a little hint that it's coming back up again. We'll see when these numbers come out in about an hour.
MCEDWARDS: Thanks, Frank. People trying to be confident -- Carol.
CAROL LIN, CNN ANCHOR: That's right. And when we get those numbers, we're going to bring them to you live so stay right there.
In the meantime, we want to hear from you. We've been yakking about the economy in our portfolios, but it's your turn now. How much money have you lost in the stock market?
You can e-mail your comments and questions to carolandcolleen@cnn.com -- carolandcolleen all one word. Include your name, or at least your initials, and certainly where you're from. We'd like to hear from you.
MCEDWARDS: That's right, those GDP numbers should come out this morning.
Some earnings still popping out, aren't they?
Deborah Marchini joins us now.
LIN: Hey, Deb.
DEBORAH MARCHINI, CNN CORRESPONDENT: Colleen, Carol, hi.
Well, investors, at least, seem fairly confident about things this morning because early indications point to a positive open on Wall Street, particularly for tech stocks that dominate the Nasdaq. Investors are shrugging off results from tech leader JDS Uniphase. Late yesterday, the fiber optics company dropped a bomb on Wall Street. It lost a record $50 billion in its latest fiscal year. The company is also laying off 7,000 more workers bringing the year's total to 16,000. JDSU says it sees no end to the ongoing telecom slump and it's lowering financial guidance for the sixth time this year.
The tech sector may be in recession, but it looks as though the economy is not. The broadest measure of economic activity is expected to rise at the rather anemic rate of 9 tenths percent. That report is due out before the start of trading, so are new home sales figures for June.
The University of Michigan Survey of Consumer Sentiment comes out after the opening bell on Wall Street.
And those are the latest business headlines.
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