Economic confidence decreased to 98.1 in this month’s
Rasmussen Reports Economic Index, nearly 12 points lower than
February. This reverses a four-month streak of consecutive monthly increases in the index. Enthusiasm about the economy surged under former President Donald Trump, reaching as high as 147.8 in January 2020 before tumbling after the coronavirus lockdown threw Americans out of work and closed many businesses. By November 2020, it had recovered to 126.4, but dropped sharply after President Joe Biden was elected. The index fell to 97.8 in February 2021 before beginning a three-month rebound that took the index to 123.7 in May 2021, but reached a low of 78.6 in July 2022.
Thirty percent (30%) of American Adults rate the economy as excellent or good this month, down eight points from last month. The number who rate the economy as poor was 43%, up seven points from February. Twenty-five percent (25%) now think the economy is getting better, down five points from last month. Fifty-six percent (56%) expect a worsening economy, up eight points from February. Sixteen percent (16%) now see things staying about the same, down two point from last month. Forty-seven percent (47%) of Democrats view the economy as good or excellent, compared to 19% of Republicans and 23% of those not affiliated with either major party. GOP confidence has declined 55 points since November 2020, when 74% of Republicans had a positive view of the economy, while Democrats’ confidence is now 15 points higher than it was before Biden’s election, when 32% of Democrats rated the economy good or excellent.