New Survey Shows Brexit Has Zero Effect On Confidence In US Economy

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Guy Bentley Research Associate, Reason Foundation
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The United Kingdom’s historic decision to leave the European Union, which shook global markets, had no impact on U.S. economic confidence.

Americans’ confidence in the economy was totally unmoved by the vote for Brexit, according to Gallup. The three-day rolling averages recorded both before and after Brexit stood at -16.

“In the short term, Americans appear unfazed by the decision — at least concerning their views of the U.S economy — and they are about as confident in the U.S. economy as they were in the week before the referendum,” Gallup stated. (RELATED: Standard & Poor’s Strips UK Of Top Credit Rating After Brexit Vote)

Markets were initially spooked by the result, sending the British pound and UK stocks into a tailspin. Betting markets were heavily favoring a remain vote, but in the early hours Friday morning, British voters confounded pundits and pollsters delivering a 52-48 win for Brexit.

Despite turbulence in global markets, the American people have taken the vote in their stride. But Gallup cautions this might not last for long as the aftershock of Brexit and uncertainty over the future of the EU’s economy sets in.

“Americans’ confidence in the economy might be unmoved for the time being, but that’s not to say it won’t change in the weeks to come. The public’s confidence has faltered after major political and economic events in the past, and the fallout from the Brexit might not have settled yet — particularly if it continues to affect U.S. stock values in the short run or hurts other aspects of the U.S. economy in the coming years,” said Gallup.

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