Make us your home page
Instagram

Post-election survey shows more Americans think economy will improve than in a decade

More Americans this month said the world's largest economy will improve than at any time in the past decade, led by a surge among Democrats after the re-election of President Barack Obama.

The share of households projecting the economy will get better rose to 37 percent in November, the highest since March 2002, according to a Bloomberg consumer survey.

Rising home values, job growth and falling gasoline prices are shoring up household finances. Improved consumer spending will help sustain the expansion as lawmakers strive to avoid the so-called fiscal cliff of tax increases and spending cuts, an outcome that Federal Reserve Chairman Ben Bernanke said will put the economy on firmer footing in 2013.

"The outlook is better than it has been over the last three or four years — that's what Bernanke told us," said Harm Bandholz, chief U.S. economist at UniCredit Group in New York. "The recovery is gaining momentum. When the fiscal cliff is sorted out, I think growth will go up."

The Bloomberg gauge showed the jump in expectations this month was the biggest among registered Democrats, with 63 percent indicating the economy will improve, up 12 percentage points from October. Among independents, 26 percent had a positive response, while 15 percent of Republicans answered affirmatively, both little changed from October.

"The gain is largely political in nature, occurring very disproportionately among Democrats," said Gary Langer, president of Langer Research Associates in New York, which compiles the index for Bloomberg. "Gains in views the economy is improving, to be truly persuasive, will need to be more broadly based."

A budding housing recovery is helping to shore up household wealth.

Other reports

Here is a summary of other economic reports released Wednesday:

• The number of people seeking U.S. unemployment aid remained elevated for a second straight week because Hurricane Sandy forced many people to seek temporary benefits. The Labor Department said Wednesday that first-time applications fell 41,000 last week to a seasonally adjusted 410,000.

• Average U.S. rates on fixed mortgages fell to record lows this week. Mortgage buyer Freddie Mac said Wednesday that the average rate on the 30-year loan dipped to 3.31 percent, the lowest on records dating to 1971. The average on the 15-year fixed mortgage also dropped to 2.63 percent, also a record.

• A measure of the U.S. economy intended to signal future activity rose only 0.2 percent last month, the Conference Board said Wednesday. The index is intended to anticipate economic conditions three to six months out.

Associated Press

Post-election survey shows more Americans think economy will improve than in a decade 11/21/12 [Last modified: Wednesday, November 21, 2012 7:59pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. New town homes sprouting in Oldsmar

    Real Estate

    BY PIPER CASTILLO

    Times Staff Writer

    OLDSMAR — City officials have been chipping away for several years on a downtown development plan, bringing new life to a 7-acre site on State Street. One day in the not-far-off future, they want to lively streets and walkways used by residents and …

  2. Study: Tampa Bay a top market for homebuyers on the move

    Real Estate

    The Tampa Bay area is among the top markets for homebuyers who are likely to move in the next few months, ATTOM Data Solutions says.

    The Tampa Bay area is among the top markets for homebuyers who are likely to move in the next few months, a survey found.
[Associated Press file photo]
  3. Ousted to political Siberia by Corcoran, Kathleen Peters sets sights on Pinellas Commission

    State Roundup

    TALLAHASSEE — The perks of power in Tallahassee are a coveted chairmanship, a Capitol office in a prime location and a prominent seat on the House floor. Now Rep. Kathleen Peters has lost all three, but here's the twist: Her trip to "Siberia" might actually help her reach the next step on the Tampa Bay political …

    Rep. Kathleen Peters, R-South Pasadena, has been relegated to the back row in the State House chamber, moved to a fouth floor office and stripped of her job as chairwoman of a House subcommittee after a series of disagreements with House Speaker Richard Corcoran. [SCOTT KEELER | Tampa Bay Times]
  4. UPS relocates express operations from St. Pete-Clearwater to TIA

    Airlines

    TAMPA — United Parcel Service Inc. is switching airports for its express air operations. Beginning in October, UPS will relocate from St. Pete-Clearwater International Airport to Tampa International Airport.

    Beginning in October, UPS will move from St. Pete-Clearwater International Airport to Tampa International Airport. [Associated Press file photo]

  5. Richard Corcoran takes aim at public financing of campaigns

    State Roundup

    TALLAHASSEE — House Speaker Richard Corcoran, R-Land O'Lakes, may not be running for governor — not yet anyway — but his latest idea will get the attention of those who are.

    House Speaker Richard Corcoran wants the Constitu?tion Revision Commis?sion to ask voters to repeal the state’s system of partial financing of statewide elections.