The percentage of Americans that think government will make business great explodes to a record high under Trump

President Donald Trump has made a record percentage of consumers believe that the government is great for business.

Torsten Sl√łk, chief international economist at Deutsche Bank, put out a chart showing the percentage of respondents in recent University of Michigan consumer confidence surveys that said Trump is having a positive impact on business.

The percentage of respondents saying news out of the government is favourable for business conditions has hit its highest level ever, going back to the start of the survey in the late 1970s. In fact, up until recently the number had never cracked double digits — now its near 30%.

The surge comes as the Conference Board’s consumer confidence index hit its highest level since 2000 and the University of Michigan’s consumer confidence index jumped to its best level since 2005.

There are some downsides to the surge in consumer confidence being so dependent on the president. Trump must start delivering on his economic promises quickly to sustain this level of confidence, and with the healthcare delay that is a precarious proposition. Additionally, the “hard data,” or measures of actual economic activity instead of surveys, has not caught up to the post-election enthusiasm.

Regardless, it appears that Americans are excited about the Trump presidency and its impact on business.

NOW WATCH: 7 mega-billionaires who made a fortune last year

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.