A new Gallup survey has revealed that Americans’ confidence in the economy has dropped by nine points compared to last month, marking the first decline since the fall. The Gallup Economic Confidence Index, which measures the public’s perception of current economic conditions, stands at -29 for April, a decrease from -20 in March. The index ranges from +100 (excellent) to -100 (poor) based on public ratings of the economy.
According to the survey, 24% of U.S. adults believe the current economic conditions are excellent or good, while 32% think they are only fair, and 44% view them as poor. These numbers have fluctuated compared to March, with a decrease in positive ratings and an increase in negative ones.
Across political lines, there has been a general decrease in economic confidence in April. Democrats and independents saw a decline in their index scores, while Republicans, who are typically negative towards the economy under President Biden, expressed overwhelmingly negative sentiments.
The Gallup survey conducted from April 1-22 found that various economic factors such as rising gas prices, inflation, fluctuations in the stock market, and high interest rates contributed to the decline in economic confidence. The survey was conducted among 1,001 adults and has a margin of error of 4 percentage points.
