While most Americans don’t believe the economy is completely out of the woods, the overall economic confidence level reached a 17-month high in November. With an Economic Confidence Index of -8, the indicator comes close to matching the post-recession high of -7 logged in May 2013, according to Gallup.
The newly released Gallup survey was based on telephone interviews conducted between Nov. 1-30, 2014. The random sample included 14,683 adults living in the 50 states and the District of Columbia. The index is formulated using participant responses that reflect their perceptions of current economic conditions and whether the economy is improving or getting worse.
While Gallup’s monthly index still reflects a negative number, the results are steadily improving. In November, an estimated 24% of respondents said they felt the economy was “excellent” or “good.”
Thirty percent felt current conditions were poor. This resulted in a current conditions score of -7, which is technically the highest recorded index number since January 2008.
On whether they felt the economy was getting better, some 43% of respondents agreed. Another 52%, however, said it was getting worse, which resulted in an economic outlook score of -9. This is the best score logged since July 2013.
Gallup pollsters also delved into the backgrounds of respondents to get a feel for the demographics behind the answers.
Income factored into the survey results, with confidence being higher among upper-income Americans who earn $90,000 a year or more. Upper-income respondents had a confidence score of +6, compared to lower- and middle-income respondents with an economic confidence score of -11.
Political party affiliation also impacted economic confidence. The score for Democrats was +16. Republicans, however, had an index score of -33. While dramatically different than the Democrat response, the Republican number was an improvement over October’s -37. Independents logged a confidence score of -9, which is higher than any other time in the last year.
Overall economic confidence remains in the negative range, but Gallup calls it good news as improvements continue to be made.
The steady upward climb coincides with a 2.5% increase in the Dow Jones Industrial Average in November. It also shows promise for continuing as gas prices are projected to keep dropping, offering consumers a little more money in their pockets.
Please Leave A Comment
Related posts:
Survey: U.S. Economic Confidence Hits Highest Number Since 2008
Americans’ Standard of Living Perceptions Tie Previous High
Job Creation Continues Record High Streak
Bank Confidence Improvements Viewed as Positive Sign of Economic Recovery
Almost 50 Percent of People Believe Low-Income Americans Pay Too Much in Taxes