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Economic confidence slips for first time since last fall: Gallup

Americans’ confidence in the economy has fallen by 9 points since last month, the first decline since the fall, according to a Gallup poll.

Gallup Economic Confidence IndexApril’s -29, which is a summary of people’s views on the current economic situation, is lower than March’s -20.

The theoretical range for this index is +100 if everyone rates the current economic situation as good, and -100 if everyone rates the current economic situation as bad.

24% of U.S. adults say their current economic situation is “excellent” or “good,” while 32% say it’s “fair.” Gallup reports that 44% rate the economic situation as “poor.”

The percentage of people who rated the situation as “excellent” or “good” decreased last month, but the number of people who said the conditions were poor has increased since March.

The outlook for April was bleak beyond political standpoints. Democrats, whom Gallup called the “most economically optimistic,” have seen their index score drop four points since March, from 35 to 31, while independents have seen a 10-point drop, from -28 to -38. Republicans were especially negative about the economy under President Biden, with an overwhelming majority of respondents saying the economic situation looked bad, with confidence dropping from -62 in March to -71.

The overall index reached a one-year low of -41 in October 2023. Since then, this number has risen, meaning Americans see the economy getting better.

The highest index score in the past 20 years was +56 in January 2000. The lowest point was -72 in October 2008, Gallup notes.

The index declined significantly during the early stages of the pandemic, going from +41 in February 2020 to -32 in April 2020. Since then, it only briefly rose above zero in April 2021 and June 2021, before returning to negative territory.

Gallup noted that the survey was conducted from April 1 to 22, as gas prices and inflation rose, the stock market returned to record gains, and interest rates remained high. The survey was conducted among 1,001 adults and had a margin of error of 4 percentage points.

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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