Americans’ confidence in the economy rose slightly in August from the previous month for the first time since March. But the majority still believe we are in economic dark times.

When asked whether they think “economic conditions in the country are getting better or getting worse,”  63% said “worse,” with 31% saying “better.” With only 24% in July saying the economy has improved, this represents the largest month-over-month increase in economic confidence since August 2023.

To better understand how Americans feel about the economy, Gallup utilizes its “Economic Confidence Index.” This tool synthesizes an assessment of current conditions (i.e., from “poor” to “excellent”) with an assessment of economic outlook (i.e., “getting worse” to “getting better.”)

The Economic Confidence Index (ECI) has a theoretical range of -100 (all respondents saying the economy is bad and getting worse) to +100 (all respondents saying the economy is excellent and getting better.)

August’s ECI was at -27, a number skewed by partisan disparities. The ECI for Democrats was +21. For Republicans, it was -76. 

The lowest ECI for Democrats in 2024 was 9% in May. The highest ECI for Republicans was -60 in March.

Despite marginally improved feelings about the economy, the job outlook is declining. Only 45% of respondents believe it is currently a good time to find a “quality job.” This is down from a post-pandemic high of 74% in October 2021. 

Compared with other issues, 18% say “the economy in general” is the most important issue right now, with 16% citing “inflation.”