Americans’ economic confidence saw a modest increase this month, although a majority still believes that the nation’s financial situation is deteriorating, according to a Gallup poll released on Friday.
The percentage of respondents who viewed the economy as “getting better” rose by 7 percentage points to 31 percent. Nevertheless, the prevailing sentiment among 63 percent of those surveyed was that the economy is worsening.
While some participants acknowledged improvements, their assessment of current economic conditions remained largely unchanged. The survey revealed that nearly half of Americans, 45 percent, rated the current economic conditions as “poor.” Around 31 percent considered them “only fair,” and close to a quarter, 24 percent, described them as “good” or “excellent.”
Gallup’s Economic Confidence Index, which measures Americans’ perspectives on economic conditions and their outlook for the economy, increased by 8 points, moving from minus 35 to minus 27 in August. This marked the index’s first improvement since March, Gallup reported.
Breaking down the economic confidence by political affiliation, Democrats showed an improved outlook, with their confidence rising from plus 16 to plus 21 this month. This period coincided with Vice President Kamala Harris taking over as the party’s presidential nominee from President Biden. In contrast, Republicans remained deeply pessimistic, with their economic confidence standing at a significantly negative minus 76.
Opinions on the job market were mixed. The poll found that approximately 45 percent of respondents believed it was a good time to find a worthwhile job, while 50 percent thought it was a bad time.
The poll, conducted from August 1 to 20, surveyed 1,015 adults and has a margin of error of plus or minus 4 percentage points.
