Americans' confidence in the economy was steady last month, with the economic confidence index averaging plus 4 in July. This score is nearly identical to the 2017 low of plus 3 registered in May and June. Still, July marked the ninth consecutive month that Americans rated the economy more positively than negatively -- the longest such streak since Gallup began tracking economic confidence in 2008.
Americans were far more confident in the economy in July compared with virtually any time between January 2008 and November 2016, when confidence was routinely negative. Americans became more optimistic about the economy last November when the monthly average of the index climbed 12 points to plus 1. In January, economic confidence hit plus 11, its best month in nine years.
Last month, Americans continued to see current economic conditions positively, with 33 percent describing the economy as "excellent" or "good," compared with 22 percent describing it as "poor." This leaves the current conditions component at plus 11 for the month -- nearly identical to its performance in June (plus 10).
In July, the greater share of Americans continued to see the economy as "getting worse" (49 percent) rather than "getting better" (45 percent), as has been the case since May. As a result, the economic outlook component equaled minus 4 last month, on par with May (minus 5) and June (minus 4).
No single group has seen a bigger boost in their level of economic confidence, compared with last July, than Republicans. Conversely, Democrats have seen the largest drop in economic confidence compared with one year ago. But while partisanship is by far the most influential factor in determining overall economic confidence, other attributes also play a role in shaping economic confidence.
Last month, Americans living in households earning $90,000 a year or more had the highest level of confidence in the economy (plus 18), compared with U.S. adults living in lower-income households. But confidence in the economy was positive among those in households earning $60,000 to $89,999 a year, while it was negative for Americans in households earning $24,000 to $59,999 or less than $24,000. Overall, confidence is up among all income categories, though it is up by the most percentage points with Americans in households earning $60,000-$89,999.