American optimism about the economy is soaring.
For the first time on record, more than half the respondents to CNBC’s All-American Economic Survey rate the economy as good or excellent. Nearly 41 percent say they expect the economy to be better a year from now, near a record high. Combined, this is the most optimistic result since the CNBC survey was launched 11 years ago.
The improvement in both outlook and current sentiment traces to the election of Donald Trump in November 2016. After years of declining outlook numbers and stagnant views of the state of the economy, American views on the economy have been improving at a startling pace.
“We’re not measuring a marginal change in the economy, we’re measuring a different economy,” pollster Micah Roberts told CNBC’s Steve Liesman. “2017 is the year that Americans finally put the recession behind them in terms of their attitudes about the economy, and it took a change in leadership.”
Trump’s popularity is rising with the economy. Forty-two percent of respondents say they approve of the job Trump is doing, a four point improvement since September. Forty-nine percent disapprove, a three point decline, according to CNBC. Trump’s popularity with Republicans has soared, up 10 points since September to 83 percent. Independents are also warming to the president, with more than half now saying they approve of the president’s handling of the economy.
The Dow Jones industrial average just did something it has never done in its 121-year history,” Fred Imbert reports for CNBC. “The 30-stock average is now up more than 5,000 points in a year, marking its biggest annual-points gain ever. This following a 200-point rally Monday which sent it to an all-time high.”
“The Dow was also on track Monday to post 70 record closes in a year for the first time,” Imbert reports. “To put that into perspective, about one of every four trading sessions this year has been a record close for the index.