Consumer sentiment has skyrocketed among Democrats and plummeted among Republicans in recent months, new data from the University of Michigan shows.
Though economic conditions have improved since early in 2021, when states began to reopen and coronavirus cases began to drop as more Americans got vaccinated, the data shows Republicans are less confident now than they were when the pandemic was at its worst.
Consumer sentiment, which measures how optimistic consumers feel about their finances and the overall state of the American economy, stands among Democrats at 104.2 for June, compared to just 60.3 among Republicans.
In January, when President Joe Biden took office, consumer sentiment stood at 89.5 and 69.8 for Democrats and Republicans, respectively. In the days after November’s presidential election, it stood at 73.6 and 83.7, with Republicans feeling more confident.
Future economic expectations also vary greatly among the two parties, the data show, with Democrats’ index of consumer expectations measuring at a 108 and Republicans’ measuring at a mere 50.2.
People walk by a Manhattan restaurant in late May. (Spencer Platt/Getty Images)
Though the difference among Americans in the two parties is wide, it is not new. The spread hovered around 40 points throughout most of Donald Trump’s presidency, with Republicans generally feeling much more confident than Democrats.
While the economy has at least partially rebounded in the past year, with unemployment claims declining and the unemployment rate falling, more Americans have expressed concern about possible widespread inflation and continuing labor shortages in some states. (RELATED: Worker Shortage Is Getting Worse, US Chamber Says)
“It is yet another sign of the depth of political polarization that is, if anything, becoming more entrenched,” ING economist James Knightley told Axios. “If a booming economy that is creating jobs and wealth can’t be recognized across the divide, then I’m not sure what else can. We are going to have to brace for a very long period of political strife.”
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