The Gallup organization reported this morning that Americans’ optimism about the future direction of the U.S. economy plunged in March for the second month in a row, as the percentage of Americans saying the economy is “getting better” fell to 33% — down from 41% in January.
It is also down three points from the 36% level of March 2010.
According to Dennis Jacobe, Gallup’s chief economist, optimism in March essentially matched last year’s low points: 32% in July, 33% in August, and 32% in September. However, it remaind higher than it was throughout 2008 and early 2009.
One especially troubling aspect of this survey is that the gloom is spread all across the demographic spectrum.
While upper-income Americans remain more confident than their lower- and middle-income counterparts, optimism among both groups declined substantially in March.
Despite Wall Street’s strong first quarter performance, the percentage of upper-income Americans saying the economy is getting better fell to 41% in March from 50% in January, leaving it at the same level as a year ago, Jacobe reported.
Lower- and middle-income Americans’ economic optimism also fell in March, to 32%, from 40% in January.
Hopefulness about the future of the economy declined across all political parties during the first quarter. Democrats remain the most optimistic, with 45% saying things are getting better, but this is down from 55% in January and 52% a year ago. Independents’ economic buoyancy is at 31% and Republicans are at 21% — both down from January.
Men continue to be more optimistic than women in their expectations for the economy, but both genders are more pessimistic now than in January and compared to a year ago.
Americans of all ages also became less sanguine about the economy in March. Young adults continue to be much more optimistic, however, than do older Americans.
