Society

Americans More Confident About Economy After Election

| by Ray Brown

After President-elect Donald Trump won Nov. 8, Americans are feeling slightly more confident about the economy, according to a new poll.

Gallup's U.S. Economic Confidence Index was -10 during the week before the election on Nov. 8 and jumped up to +3 the week after.

But a +3 rating is still low. To determine its numbers, the Gallup U.S. Economic Confidence Index averages together “how Americans rate current economic conditions and whether they feel the economy is improving or getting worse” on a rating between -100 and +100.

Republicans and Democrats differ greatly on how they viewed the economy before and after the election.

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In the week before the election, only 16 percent of Republicans felt the economy was getting better, while 81 percent believed it was getting worse. During the same time, 61 percent of Democrats believed the economy was getting better and 35 percent believed it was getting worse.

After the election, the percentage of Republicans who believed the economy is getting better jumped to 49 percent, while 44 percent said it was getting worse.

For Democrats, the percentage of those who believe the economy is getting better dropped to 46 percent and 47 percent said it was getting worse.

"The election of Trump has transformed the way Republicans and Democrats view the economy, particularly in their assessments of whether it is getting better or worse," Gallup said. "It's too early to say whether these are sustainable gains in confidence, but in the immediate future, Trump's victory has improved his party's confidence in the economy."

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Deutsche Bank chief economist Joe LaVorgna told CNBC that he believes Trump will improve the economy.

“My guess is President Trump is going to give us a lot of stimulus next year,” LaVorgna said. 

Sources: Gallup, CNBC / Photo credit: Gage Skidmore/Flickr

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