According to a recent survey by Gallup, Americans’ confidence in the economy has decreased by nine points since last month, marking the first decline since the fall. This is reflected in the Gallup Economic Confidence Index, which measures public opinion on current economic conditions and dropped to -29 in April from -20 in March.
The index ranges from +100 to -100, with higher numbers indicating positive economic conditions and lower numbers indicating poor economic conditions. In April, 24 percent of U.S. adults rated the current economic conditions as “excellent” or “good,” while 32 percent considered them “only fair.” Meanwhile, 44 percent rated the economic conditions as “poor.”
The survey was conducted in early April when gas prices and inflation were rising, the stock market was retreating from its record highs, and interest rates remained high. Despite these challenges, there were some interesting differences in how different groups perceived the economy. For example, Democrats experienced a four-point drop in their index score while Republicans expressed overwhelmingly negative views. However, it’s worth noting that this decline was not as severe as it had been during October 2023 when the index reached its lowest point but had been gradually increasing until April 2024.
Overall, these findings suggest that while Americans are becoming more pessimistic about the economy than they were just a few months ago, there are still significant differences in how different groups perceive it. The survey included responses from 1,001 adults and has a margin of error of 4 percentage points.
