US Economic Confidence Hits 17-Month Low
Confidence in the U.S. economy has significantly dipped, reaching a 17-month low in November, as indicated by a recent Gallup poll.
The Gallup Economic Confidence Index experienced a rise of 7 points to -30 in November, which is the lowest it has been since July 2024 when it sat at -35. The poll revealed that only 21% of respondents rated the economy as “excellent” or “good,” a slight decline from 24% the previous month, marking the lowest figure since March.
Interestingly, 40% of people surveyed labeled the current economic situation as “poor,” up from 37% in October. A further decline is seen in the numbers representing those who feel the economy is improving—only 27% of adults, which is four points lower than in October and the lowest since July 2024. Conversely, about 68% believe conditions are getting worse, according to the survey.
On another note, American consumers’ expectations for holiday spending have taken a hit. This year, they plan to spend an average of $778 on gifts—$229 less than the $1,007 expected in October. However, despite this decrease, U.S. shoppers set a record by spending $11.8 billion online during Black Friday sales, according to CBS News.
In connection with employment, non-farm jobs saw a noteworthy increase of 119,000 in September, as reported by the Bureau of Labor Statistics. The unemployment rate for the month remained relatively steady at 4.4%. Additionally, the consumer price index, which tracks general goods’ prices, rose by 0.3% in September, following a 0.4% rise in August.
Recent findings highlight that many Americans are dissatisfied with President Donald Trump’s economic handling during his second term. A Politico poll indicated that nearly half of the respondents, 46%, believe the cost of living has worsened significantly.
Trump recently labeled himself the “Affordable President” on Truth Social and emphasized his goal to “make America affordable again” as part of his 2024 campaign.
The Gallup poll was conducted via telephone interviews with a sample of 1,321 U.S. adults between November 3 and November 25. It carries a margin of error of plus or minus 4 percentage points at a 95% confidence level.
