In the month of January, U.S. economic confidence matched its five-year high set back in November of last year, according to the latest data from Gallup. The Gallup economic confidence index rose to a reading of -13 in January from a reading of -17 in December.
When viewed by political party affiliation, Democrats posted an economic confidence score of +20, while Republicans posted a score of -56 and independents posted a score of -21.
By income group, upper-income Americans posted an index reading of -7, compared with a reading of -14 put up by middle- and low-income respondents.
On a weekly basis, the economic confidence index posted a five-year high of -9 for the week ended January 27.
Gallup’s data is in line with most other measures of economic sentiment. Momentum from equity markets, an improving housing market and a temporary break in wrangling over the U.S. debt ceiling and deficit are all working to build up U.S. consumer confidence.