Newly released polling data shows American optimism on the economy has hit the lowest level since the worst of the pandemic.
Gallup released its “Economic Confidence Index” update which showed American confidence has dropped to -33, the lowest figures since April of 2020.
“In the latest Gallup poll, conducted Dec. 1-16, more than four in five U.S. adults rate current economic conditions in the country as only fair (40%) or poor (42%), and 67% say the economy is getting worse,” Gallup said. “The latest decline in confidence is owing largely to a six-point increase since November in the percentage of Americans rating the economy as poor. The result is a -33 index reading, which reflects steady ticks downward since July as supply chain issues and the effects of inflation have increasingly plagued the U.S. While the -33 readings in 2020 and today are the worst since the Great Recession, they are far from the lowest on record, -72 in October 2008.”
On top of that, only 21% of Americans are satisfied with the direction of the country, the lowest since January.
“With inflation in the U.S. at its highest point since 1982, Americans’ confidence in the economy has dropped to where it was in April 2020, when nationwide shutdowns brought on by the COVID-19 pandemic plunged the nation into a recession,” Gallup said. “Concern about the economy, as evidenced by the increasing percentage of Americans who mention an economic issue as the most important problem in the U.S., is at its highest point of the pandemic. Meanwhile, satisfaction with the country’s direction is lower than it has been since President Joe Biden’s inauguration in January.”
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