Where are all those pundits that were going on about the election depending on how people “feel” the summer before the election now? Looks to me like people are “feeling” pretty upbeat.
PRINCETON, NJ — The Gallup Economic Confidence Index broke through a barrier last week, surpassing -17 for the first time in the four-plus years of Gallup Daily tracking in the United States. The index now stands at -16 for the week ending May 20, up from -18 in each of the prior two weeks in May, and from -21 in late April.
Notably, Americans’ economic outlook is nearly the most positive Gallup has found since January 2008, and the current conditions component is the highest since September 2008. This is despite the Dow Jones Industrial Average’s losing more than 900 points in May by the end of last week’s polling, including a roughly 450-point decline last week alone.
Confidence improved last week among members of all three major political groups. Additionally, Democrats’ and independents’ confidence levels tied or set a record high for the 2008 to 2012 period. Independents’ -17 index score is up from -22 the previous week and bests their previous high of -20 in January 2011. Democrats’ +14 score ties their record high from early May. By contrast, Republicans’ confidence — at -42 — has been as high or higher in recent weeks.