Americans are feeling less certain about the economic direction of the country, registering the most pessimistic responses to conditions seen since the fall of 2023, according to a new Gallup firm survey.
In its Economic Confidence Index, the survey reveals that a strong 44% of respondents currently judge economic conditions as “poor,” with the next largest group at 32% saying things are only fair.
The smallest response category, at 24%, categorized conditions as either “excellent” or “good.”
The overall confidence level is now at minus 29, lower than the minus 20 reading reported in March. “This is the first time in five months that confidence has not seen a marginal improvement,” notes a narrative accompanying the survey, “and the first decline in economic confidence in the past seven months.”
The survey, which has been generally on the downside for more than a year now, also revealed that some 67% of respondents said they thought the country’s economic condition was getting worse, compared to only 29% who said they thought things were better.
Buoyant attitudes regarding economic conditions seem like so much ancient history, according to Gallup, which last saw more than 50% saying things were good or excellent in 2019 and early 2020.
At the same time, the number of people categorizing economic conditions as poor have averaged out at around 45% for most of the last two years.
Although unemployment at 3.9% remains at a near-historic low, only 49% of respondents said they thought it was currently a good time to get a job, down from 57% in November and 59% exactly a year ago.
The latest Gallup numbers, according to the survey narrative, comes during a time when gas prices and inflation are on the rise. “Also, during this period, the stock market gave back some of its recent record gains, and high interest rates remained a financial stumbling block.”
The highest overall Economic Confidence Index reading at plus 56 was recorded in January of 2000. The lowest: the minus 72 seen in October of 2008 during the early months of the Great Recession.
By Garry Boulard
Image Credit: Courtesy of Unsplash
