Americans' confidence in the economy has improved considerably since before the 2024 election, according to a new survey.
Gallup recorded a 9-point improvement in Americans' confidence in the economy in its first poll since the Republican election sweep, with President-elect Donald Trump winning back the White House and the GOP securing control of both chambers of Congress.
The poll, conducted between November 6 and 20, found Americans now rank their confidence in the economy at -17, up from -26 in October. The survey was conducted among a sample of 1,001 adults living in all 50 U.S. states and the District of Columbia and has a margin of error of plus or minus 4 percentage points.
The economy was the top issue for voters in November's election, with polling consistently finding that voters were pessimistic about its state. A survey conducted on behalf of Newsweek in October found that more than half of Americans believed the economy was heading in the wrong direction.
According to Gallup, about 36 percent of Americans now believe the economy is improving, up from 32 percent in October. Fifty-five percent think it's getting worse, down from 62 percent in October.
Gallup found that 26 percent now rate the economy as excellent or good, up just 1 percent from October. Thirty-two percent say it's fair, up 3 points since October, while 40 percent say it's poor—down 6 points since October.
The higher confidence in the economy is being driven by Republicans, according to Gallup. Their confidence in the economy has gone up 29 points since October, from -72 to -43. Independents' confidence in the economy went up nine points to -25, but Democrats' confidence 10 points since October to +27.
Gallup noted that it measured similar party shifts when President Joe Biden won the 2020 election.
"Republicans' views about national conditions are likely to become increasingly positive in the coming months, while Democrats' opinions will likely sour," Gallup wrote. "Once Trump and the Republican Congress are installed in their offices in early 2025, Republicans' assessments of the economy, state of the nation and federal leaders are expected to surpass those of Democrats."
Costas Panagopoulos, a political science professor at Northeastern University, said the shifts are likely reflecting the outcome of the election than any meaningful change in the economy.
"These shifts are likely fueled mainly by renewed optimism among Trump supporters in the aftermath of his victory," Panagopoulos told Newsweek.
"They likely reflect views about the election outcome more so than any meaningful economic assessments. The economy doesn't change that quickly, and there have been no major changes in key economic indicators to justify big changes in perceptions of the economy. These opinion shifts reveal just how deeply economic views are intertwined with political preferences and attitudes."
English (US) ·