Americans’ Confidence in the Economy Takes a Hit in April; Gallup Survey Finds Decrease in Positive Ratings

In April, Gallup conducted a survey that found Americans’ confidence in the economy had decreased nine points from the previous month, marking the first decline since fall. The Gallup Economic Confidence Index, which measures public perception of current economic conditions, dropped to -29 from -20 in March. This index ranges from +100 to -100, with positive ratings indicating good economic conditions and negative ratings indicating poor conditions.

According to the survey, 24 percent of U.S. adults described the current economic conditions as “excellent” or “good,” while 32 percent said they were “only fair” and 44 percent rated them as “poor.” The number of people giving positive ratings decreased since March while the percentage of those describing conditions as poor increased. Confidence in the economy dimmed across political lines in April, with Democrats and independents showing declines in their index scores while Republicans expressed overwhelmingly negative views towards the economy under President Biden.

Gallup’s survey found that gas prices and inflation rose, causing the stock market to lose its gains and interest rates remaining high in April 2024. The survey included 1,001 adults and has a margin of error of 4 percentage points. Despite this decline in confidence, it is important to note that Americans perceive the economy as improving since it reached its lowest point in October 2023 but has since improved according to previous surveys.