Today, the Commerce Department reported the economy grew at a 2% annual rate in the third quarter as consumer spending climbed the most in almost four years, a sign the expansion is developing staying power. In the past year, the economy has grown 3.1%.
The third-quarter growth matched the median forecast of economists surveyed by Bloomberg News and followed a 1.7% gain the prior three months. Household purchases, about 70% of the economy, rose at a 2.6% pace, the best quarter of the recovery that began in June 2009.
Voters aren't seeing the better climate: 61% of poll respondents say the economy is shrinking this year, compared with 33% who say it is growing.
Charlene Miller, a 58-year-old unemployed nursery worker from Waterview, Maryland, said her impression is shaped by the state of jobs and wages and the fact that she's been unemployed for two years.
Jobs Going Overseas
"We're sending too many jobs overseas and not paying Americans for their work," says Miller, an independent who voted for Obama.
Older voters are more likely to view the economy negatively, with 69% of those age 55 and older saying it is shrinking, compared with 48% of voters under 35 who say so. For those 65 and older, it's 71%. Those who earn less than $50,000 are more likely to view the economy negatively than those who earn more.
The Bloomberg National Poll, which included interviews with 1,000 likely voters in the November 2010 general election, has a margin of error of plus or minus 3.1%age points.
The impressions of these voters also are dissonant with other signs of economic improvement.
A year and a half after U.S. stocks hit their post- financial-crisis low on March 9, 2009, the benchmark Standard & Poor's 500 Index has risen 75%, and it's up 15% for this year.