Despite less-than-optimistic job reports from last week, Gallup came out with a new report Tuesday, saying its economic confidence index averaged -17 in May, up from -20 in March and April.

It's also the highest monthly average since Gallup began tracking the economic confidence of Americans in January of 2008.

"These findings preceded the government's June 1 labor report showing unexpectedly tepid job growth and an increase in the U.S. unemployment rate to 8.2%," Gallup said.

"This news could potentially trigger another downturn in Americans' economic confidence, thus far that hasn't occurred."