Gallup’s recent survey found that American confidence in the economy has decreased by nine points since last month, marking the first decline since the fall. The Gallup Economic Confidence Index, which reflects public perception of current economic conditions, dropped to -29 in April from -20 in March.
The index has a potential range of +100 to -100, with +100 representing all individuals rating the economy as good and -100 indicating all people rating it as poor. Currently, 24 percent of U.S. adults view economic conditions as “excellent” or “good,” 32 percent say conditions are “only fair,” and 44 percent rate them as “poor,” according to Gallup’s report.
Gallup’s data shows a decrease in the number of people giving positive ratings compared to the previous month, with a corresponding increase in the percentage of individuals who view economic conditions as poor. The decline in economic confidence was observed across all political affiliations in April.
Despite Democrats traditionally being more optimistic about the economy, their confidence decreased by four points, from 35 to 31. Similarly, independents saw a decline of 10 points, dropping from -28 to -38. Republicans, who have been particularly negative about the economy under President Biden, recorded a significant decrease in confidence, falling from -62 to -71.
The overall index had reached its lowest point in October 2023 at -41 but increased afterward before declining again due to rising gas prices and inflation during April-June 2021 period while stock market fluctuated and high interest rates prevailed for over one thousand adult participants were included in this study with an error margin of plus or minus four percentage points
