Consumer Spending Update: Economic Confidence Drops in January
Economic confidence decreased to 93.6 in this month’s Rasmussen Reports Economic Index, more than three points lower than December.
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.
Twenty-seven percent (27%) of American Adults rate the economy as excellent or good this month, down four points from last month, and 15 points below the 42% mark in November 2020. The number who rate the economy as poor was 45%, up two points from December.
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The survey of 1,500 American Adults was conducted January 2, 2023 by Rasmussen Reports. The margin of sampling error is +/- 3 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.
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