A week after reporting that economic confidence had sunk to its lowest level since December 2011, Gallup released new data showing that U.S. households have regained some of their list confidence.
The latest version of the Gallup Economic Confidence Index shows that, for the week ending Sept. 9, consumer’s economic confidence went up 11 points—from -29 to -18—which puts it near the current high for the year. For two-and-one-half months the index, weighed by continually high unemployment numbers, had languished below -20, Gallup reported.
A -18 rating has been a particularly difficult barrier for the index to cross this year, with it only spiking to a -16 in the time around Memorial Day. However, the gains were quickly lost as the index slipped back to -20 by Father’s Day.
In the wake of the Democratic National Convention, economic confidence numbers are up amongst both Democrats and Independent and down amongst Republicans. While Democrats received a huge confidence boost last week, raising the Index by 17 points from +7 for the week ending Sept. 2 to +24 for the week ending Sept. 9, the political world will be focused on the more modest gains made amongst Independents, who reported their confidence increasing from -35 to -22.
Republicans’ economic confidence remained on a relatively stable, albeit low, trajectory barely moving from -60 to -59. Economic confidence did not see the same bump after the Republican National Convention.
The only group to express an increase in economic confidence after the RNC were Democrats who closed out August with a +2 gain that raised their confidence level to +9. The confidence level amongst Independents and Republicans dropped post-convention, with Independents falling from -30 at the end of July to -33 at the end of August. Republicans’ confidence fell from -54 at the start of the month to -57 at the end of the month.
Overall consumer economic confidence dropped -3 points, from -26 to -29, in the days immediately following the Republican National Convention.