Are consumer sentiment surveys measuring reality or methodology artifacts?
Core argument: Survey sample skew toward Democrats and polling format shift to online result in sentiment readings comparable to 2009–2012 recovery, not.
On Friday [June 26th], the Index of Consumer Sentiment (ICS) reported a 49.5 reading for consumer sentiment, but without properly correcting for the survey’s issues, the headlines are misleading. [Firstly] there are too many Democrats in the sample. As partisanship has continued to increase over the past two decades, the effect on the survey has become more pronounced. So far during Trump’s second term, the gap between partisans equates to nearly 53 points of consumer sentiment. [Secondly], as with election polls, the ICS has struggled amid a shift away from telephone polling [as] the switch to online polling made responses more negative. There are issues both with partisan nonresponse, with some political groups more likely to respond than others, and partisan expressive response, with survey-takers using questions about the economy to express political sentiment. When both adjustments are [accounted for], ICS is still low historically — but not depths-of-the-Great-Recession low.

