Confidence in the U.S. economy increased in recent weeks, although the share of people who rate the economy as poor is still higher than the share who rate the economy as doing well, according to Rasmussen Reports.
The share of American adults who rate the economy as excellent or good rose five points to 30 percent. That’s still 12 percentage points lower than in November 2020. Confidence in the economy fell sharply in May.
The share who say the economy is poor fell three points from May to 43 percent.
The Rasmussen Reports Economic Index climbed nine points to 97.2. This is far below the January 2020 high of 147.8. The index crashed during the pandemic but recovered to 126.4 by November of 2020. The index fell sharply after the election of President Biden, hitting 97.8 in February 2021.
The index rebounded for three months as the economy reopened in 2021, rising to 123.7 in May 2021. Rising prices then took its toll on the index, which has been below 100 since October 2021.
The share of people who say the economy is improving rose six points from May to 23 percent. The share saying the economy is getting worse fell four points to 59 percent. Fifteen percent say the economy is staying about the same, down one point from the prior month..
Thirty-three percent say the economy is headed in the right direction, up five points since January.
The “Spending Index” rose a point to 103.2 and is seven points higher than its low in February 2021. The share expecting to spend more in the month ahead rose two points from last month to 43 percent. Eighteen percent say they expect to spend less. Thirty-six percent say they expect to spend around the same amount as they did last month.
Despite the bounce back in confidence, Americans remain very concerned about inflation.