Steve Liesman joins 'Squawk on the Street' to discuss the latest results from CNBC's All-America Economic Survey.

A recent CNBC All-American survey indicates that while optimism about the stock market has grown, with 46% now saying it is a good time to invest, Americans remain cautious about the future of the economy. The survey shows a notable increase in positive sentiment among financial elites and even among those without investments, though the latter group remains generally negative overall.

Despite improved views on the current state of the economy, with 31% rating it as excellent or good, expectations for future economic improvement remain largely unchanged. Concerns about inflation and the impact of tariffs continue to weigh on public sentiment, with a majority believing tariffs will raise prices and over half disapproving of current tariff policies.

CNBC survey: Here's how Americans view the stock market

Welcome back. A resilient stock market and steady expectations for wage gains has some investors more upbeat about the current situation in the economy, but our new All-American survey shows that not everyone is upbeat about the future. Our Steve Leisman joins us with that story. Steve. Thank you, Les. The upbeat views on the stock market and steady wage expectations look to be supporting an improvement in how Americans assess the current state of the economy, but the outlook remains kind of dour, perhaps in part because of negative attitudes towards several Trump administration policies, especially tariffs. Let's take a look about whether or not it's a good time or bad time to invest. Pretty decent jump here from 38% in our April survey up to 46% with a decline in bad time to invest. And you look over my right shoulder right here, financial elites, those with the highest income and money in the market, they're 62% believe it's a good time to invest. Republicans also, but look at that. Democrats, folks, we've talked about this. Don't invest your politics. And interestingly, 36% who have no investment are actually upbeat on the market. That's the highest we've recorded. These folks are almost always negative on the market. They're still net negative, but more upbeat than they have been in the past. Take a look at the current state of the economy and how they assess it. A nice jump here to a still relatively low level. 31% say it's excellent, a good 11-point gain, with a decline here in fair report. But that's where the paradox comes in. When we look at the outlook, really not much change here. The next slide shows that the economy, 36% believe the economy will get better, and that's just sort of unchanged from April. And then a slight decline in those who think it'll get worse from 49 to 46, but still kind of dour numbers overall here when it comes to the outlook for the economy being different. The new problem with the outlook could be the old problem. Inflation, with a lot of concern among the public. A thousand people surveyed for this thing. A lot of concern about tariffs here. 9% say that their incomes are going up faster than their costs. 30% say they're able to stay about even. But 60%, and that's composed a lot of Democrats, but also some independents, say they're falling behind. How about the impact of tariffs? Well, on a net basis, help minus hurt, 10% on net think they'll help companies producing in the U.S. But 8% say net negative, it's bad for U.S. workers. And then look at this. 52% on net say it will hurt when it comes to their everyday prices. 51% of the public disapproving of the president's tariff policies led by Democrats and a majority of independents. Those who think that the president is right about tariffs are less concerned about the impact of costs on their own costs and on the impact of U.S. workers. Carl? As you're talking, Steve, I'm looking at some of these Bostick headlines where he says that he hopes some of these pricing pressures might be alleviated by the middle to late next year. Yeah, I mean, that's what the Fed has to hope for is two things. One is that the tariff impact is limited, that it doesn't spill over into other areas. In other words, companies don't use it as an excuse to raise prices broadly. But third, that there are offsets, perhaps through a weakened economy, Carl, where other prices go down to offset in the aggregate index what's happening on the tariff side.

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Breakdown