Gallup Poll: Faith in Economy Grows After Election

A Gallup Poll released Tuesday shows that Americans' confidence in the economy grew by 9 points after Republicans' big wins in the November election.

The reading still is in the negative numbers, at -17, the best it has been since a -12 reading in August 2021 when the economy was improving as concerns about the COVID-19 pandemic were easing, reported The Hill.

The poll revealed that 26% of Americans believe the economy to be excellent or good, 32% say it's fair, and 40% say it's poor. 

Meanwhile, 36% said they believe the economy is getting better, up from 32% in October, and 55%, dropping from 62% in October, said they think the economy is getting worse. 

The survey was conducted Nov. 6-20 of 1,001 adults and has a margin of error of 4 percentage points.

The worse recent reading, at -15, was recorded in June 2022 in response to rising inflation. That was the worst since the 2008 recession, Gallup noted. 

The higher confidence in the economy is coming from Republicans, but independents' confidence also grew after the election while Democrats' trust dropped. 

The trend for confidence in the economy based on political beliefs was also evident after President Joe Biden won in 2020, as Democrats favored the economy while Republicans' confidence fell. 

And when Trump takes office in January and the next session of Congress starts, Republicans' confidence in the economy is expected to pass that of the Democrats, the Gallup pollsters noted.

The poll further noted that the Republicans' confidence in the economy grew while Biden's job approval dropped to 37%, down 4 points from 41% before the election.

His scores now are 1 point over his personal low registered in July just before he dropped out of his presidential election race. 

The Gallup Poll's report comes along with news that consumer confidence climbed in November as optimism over the stock market and a stock market rally.

Tuesday, the Conference Board said the consumer confidence index grew by just under 2 points, standing at 111.7 this month as compared to 109.6 in October. 

The numbers were slightly higher than had been expected among economists polled by Reuters, who forecast the index climbing to 111.3 from 108.7.

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