A Gallup ranking of economic confidence turned positive in April for the first time since the pandemic wreaked havoc on the economy last March.
The Economic Confidence Index for the month, based on survey data asking Americans their views of the current economic situation and their expectations for where the economy is headed, clocked in at 2, up from minus 21 in January and minus 33 in the immediate aftermath of the initial recession.
Prior to the pandemic, the index stood at 41.
The index represents the difference between positive and negative outlooks and theoretically, can range from minus 100 to 100. April’s survey, conducted from April 1-21, found 28 percent describing the economy in positive terms, and 26 percent in negative terms.
The poll is good news for President Biden, who pushed through a $1.9 trillion COVID-19 relief bill to help shore up the economy and accelerate vaccinations, which in turn would help the economy reopen.
Stronger outlooks on the economy can also be somewhat of a self-fulfilling prophecy, as greater confidence leads people to spend and invest more, thus giving the economy a boost.
Gallup also found that 57 percent of Americans trusted Biden on his handling of the economy.