As the White House battles a coronavirus outbreak that includes the president being diagnosed with Covid-19, Americans’ overall confidence in the economy has taken a slight dip. But confidence is still holding fairly steady in spite of widespread health concerns about the pandemic.
Overall consumer confidence measured at 52 this week, according to the Ipsos U.S. Consumer Confidence Weekly Tracker. That’s a decrease of 2.6 points from last week.
Ipsos, which surveyed 921 respondents online on Oct. 6 and 7, provided the results exclusively to Forbes Advisor. The survey is conducted weekly to track consumer sentiment over time, using a series of 11 questions to determine whether consumers feel positively or negatively about the current state of the economy and where it looks to be going in the future.
Each of the subcategories Ipsos tracks to measure overall confidence, including current financial situation, financial outlook, investment confidence and job security confidence, decreased from last week. Only one of them exceeds pre-pandemic levels.
The expectations index, which measures how respondents view their personal financial situation and local economy, was down 1.5 points this week, but remains nearly two points above its early-March 2020 levels. That number is above the pandemic average by about two points, and above the historical average (since 2002) by more than four points.
A majority of Americans continue to believe that reopening the economy is the right thing to do, with 52% of respondents agreeing the economy will recover quickly once pandemic restrictions are relaxed. Meanwhile, 47% said the economy should be reopened even if the coronavirus isn’t contained—a decrease of two points from last week.
Republicans Consistently More Confident in Economy Than Democrats
During the pandemic, people identifying as Republicans have been the most confident, while Democrats have been the least confident, with as