Federal Reserve Chairman Kevin Warsh pulled back the curtain this week on an economy making more progress than people feel.

Gallup’s Economic Confidence Index stood at minus 31 in July, and two-thirds of people said conditions were getting worse. Yet consumers continue to spend, workers are holding on to their jobs, and businesses are investing heavily in the technology and productive capacity that will shape what comes next. People may feel uncertain, but they are not acting defeated.

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