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By many measures, the US economy is doing well. Unemployment is near a 50-year low, consumer spending is strong and the stock market is delivering solid returns for investors. Despite these positive signs, the public’s assessment of the economy is mixed, and it varies greatly by income, according to a new survey by the Pew Research Center.

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Majorities of upper- and middle-income Americans say current economic conditions are excellent or good. But only about four in ten lower-income adults share that view, while a majority say the economy is just fair or poor.

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Views on the economy are highly correlated with partisanship, with Republicans and Republican-leaning independents significantly more likely to have a positive view of the current economy than Democratic-leaning and Democratic-leaning independents. While attitudes about the economy have long been partisan, they are especially so today — and almost all of the increase in positive views on the economy since Donald Trump became president has been among Republicans. Yet income differences persist within these categories. In fact, lower-income Republicans are about four times more likely to give the economy a fair or poor rating than those in the upper income brackets.

To the extent that current economic conditions help certain groups, the public perceives that the benefits accrue mainly to the most well-off. More than seven in ten adults (69%) say today’s economy is helping people who are rich (only 10% say the wealthier are being hurt). At the same time, majorities of Americans say the poor, those without a college degree, older adults, younger adults and the middle class are being hurt rather than helped by the current economic climate.

When asked how the economic situation is affecting them and their families, nearly half of adults (46%) say they are hurt, 31% say they are getting help, and 22% say they don’t see much of an impact. Overall, Democrats are more likely than Republicans to say that economic conditions are hurting their own families, but opinions vary significantly by income within parties.

A number of factors go into Americans’ assessment of the current economic situation, with the most prominent being perceptions of wages and income, job availability, and health care costs. Two of these three factors are also considered to have a significant impact on people’s own financial situation: 51% say wages have a major impact on household finances, and 43% say the same about health care costs. The overall employment status is considered a less personal matter. Instead, 45% say that consumer prices have a major impact on their own financial health.

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A look into the financial lives of Americans reveals an enormous gap in the daily challenges and concerns experienced by lower-income and higher-income adults. Two-thirds of lower-income adults (65%) say they worry almost daily about paying their bills, compared to about a third of middle-income Americans (35%) and a small share of high-income adults (14%) . The cost of health care is also a concern weighing on the minds of many Americans, especially those in the lower income bracket. More than half of lower-income adults (55%) say they often worry about the cost of health care for themselves and their families; lower middle-income (37%) and higher-income Americans (18%) share these concerns.

The national survey among 6,878 adults was conducted online from 16-29 September 2019, using Pew Research Center’s American Trends Panel.

To create upper, middle, and lower income levels, respondents’ family income in 2018 was adjusted for differences in purchasing power by geographic region and household size. “Low-income earners” are in families with annual incomes that are two-thirds to double the median family income in our sample (after income has been adjusted for local cost of living and household size). The median income range for this analysis is about $40,100 to $120,400 annually for a three-person household. Families with lower incomes have incomes below approx. $40,100 and higher income families have incomes over approx. $120,400.

Based on these adjustments, 31% are lower income, 46% are middle income and 17% fall into the upper income bracket.

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A majority of Americans (56%) say they think current economic conditions in the country are excellent or good, including relatively few (10%) who say conditions are excellent and 46% who say they are good. About four in ten Americans (44%) say current economic conditions are only fair (35%) or bad (8%).

While most Republicans and Republican-leaning independents (75%) say the economic situation in the country today is excellent or good, only 41% of Democratic-leaning Democrats share the same opinion.

Parties, opinions differ significantly depending on income. While about nine-in-ten upper-income Republicans (89%) feel positively about the current economic situation, lower-income Republicans are much less likely to share that view. About 57% of lower-income Republicans say current economic conditions are excellent or good, about the same as the percentage of higher-income Democrats who say this (55%). Only about a third of lower-income Democrats (34%) rate the current economic situation positively.

Looking ahead, about half of Americans (48%) say they expect economic conditions to be similar a year from now, about a third (32%) say the economy will get worse, and only 20% say they think the economy will get better. The share who say economic conditions will improve is largely consistent across income groups, but adults with higher incomes are somewhat more likely to say they expect things to get worse.

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Current views on the economy are strongly linked to predictions about the future: Those who say the economic situation is excellent or good are about three times more likely than those who have a more negative view to say things will be even better a year from now (29% vs. 9%).

Americans rely on a variety of indicators to form their views on the economy. Overall, jobs and wages are among the most important factors in their assessment of current economic conditions. About half of adults (48%) say wages and income play a big role in their opinion of the economy; 45% say the availability of jobs has just as much influence on their opinions. The cost of health care is also an important metric for many Americans – 43% say it contributes a lot to their assessment of the economy. About a third or more of adults say that the price of consumer goods and food (37%), the country’s tax system (36%) and the state budget deficit (32%) contribute a lot to their view of the economy. Less important are real estate prices (27%), stock market performance (25%) and gas prices in their area (23%).

When it comes to the factors that affect their own household finances, Americans point to some—but not all—of the same indicators. Wages and income remain at the top, but less emphasis is placed on the overall supply of jobs. About half of the public (51%) say that wages and income have a major impact on the household’s financial situation, 43% say the same about the cost of healthcare and 45% say that the price of food and consumer goods affects them personally.

But other economic measures, such as the availability of jobs or the budget deficit, have a greater impact on public perceptions of the economy than on household finances. While 45% say the availability of jobs makes a big difference to their opinion of the economy, fewer (28%) say it has a big impact on their own financial situation. Similarly, Americans are twice as likely to say that the budget deficit has an impact on their views of the economy as they are to say that it has a major impact on their household finances (32% vs. 16%).

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The extent to which these various factors affect household finances varies greatly depending on the income level. Consumer prices and gas prices affect lower income households more than middle and higher income households. A total of 57% of lower-income Americans say that the price of food and consumer goods has a big impact on their household finances, compared to 46% of middle-income Americans and only 22% of those in higher-income households. Similarly, 42% of lower-income adults say gas costs have a significant impact on their financial situation, compared to 26% of middle-income adults and 14% of those in higher-income households.

Health care costs affect lower- and middle-income households more than higher-income households: About half or fewer of lower-income (49%) and middle-income adults (46%) say health care costs have a big impact on their financial situation, compared to 28 % of adults with higher incomes. Conversely, higher-income adults are more likely to say the stock market affects their household finances than middle- and lower-income Americans (25% vs. 14% and 13%, respectively).

Regardless of their views on the economy, a significant majority of the public says that the country’s current economic situation is only helping certain groups of Americans. About seven in ten adults (69%) say the current economic situation helps people who are rich a lot (53%) or a little (16%). Just 10% off

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