Though U.S. economy shows signs of strength, poll shows third of Americans rate it as poor

March 27 (UPI) -- A Gallup Poll on Americans' view of the U.S. economy published Wednesday indicated that while most still have a negative view of things, public sentiment on the economy has improved since polling last year.

Gallup said its Economic Confidence Index was at -20 in March, but that was much improved from the -50 measured last fall.

The Gallup Poll of how people feel about the economy sharply contrasts with several actual economic results that show strong economic growth as reflected in job growth, falling inflation, low unemployment and strong GDP.

GDP was up 2.5% for 2023 and rose 3.3% in the fourth quarter of 2023.

Fed Chair Jerome Powell said in March that economic activity has been expanding at a strong pace and was sustainable and solid.

Unemployment has stayed below 4% and job creation is robust, with 275,000 new jobs created in February, according ot the U.S. Labor Department.

Inflation is also considerably lower, although not yet down to the 2% favored by the Federal Reserve.

Gallup's Wednesday poll, with +100 meaning Americans rate economic conditions as excellent and getting better to -100 meaning the economy is poor and getting worse, had the highest rating of +56 in January 2000.

The March 1-20 results were -20, with 30% saying the economy is good, 30% calling the economy fair and 39% saying it is poor.

Gallup said in a statement, "When asked about the economy's direction, 33% of Americans say conditions are getting better, while 63% say they're getting worse. Although economic optimism is about the same as last month's 32%, it has been slowly expanding since October, when 21% said the economy was getting better."

How respondents see the U.S. economy is heavily weighted politically, according to Gallup.

While Democrats rate the economy at a +35, independents put it at -28 while Republicans rank it at -62.

Gallup found Republicans have an overwhelmingly negative view of the economy, with 87% believing it is getting worse and 58% of them rating the current economic conditions as poor.

That compares with 64% of Democrats who say the economy is getting better and 55% saying the economy is good now.

Gallup said George H. W. Bush lost reelection when Gallup's poll showed the ECI was at -37. Bill Clinton won reelection when that Gallup economic number was at +23.