Economic Confidence Falls To New Low in October

New polling shows Americans are less certain about the economy than they have been in a long time.

Amidst growing inflation, supply chain issues, elevated unemployment and increasing national debt, new Rasmussen numbers report a new low in economic confidence.

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Rasmussen released new economic survey results this week showing that economic confidence has dropped significantly in recent weeks.

“Economic confidence fell to 96.6 in this month’s Rasmussen Reports Economic Index, down more than seven points from September, the fifth consecutive monthly decline. This is the lowest index level since May 2020,” Rasmussen said.

“Enthusiasm about the economy surged under former President Donald Trump, reaching as high as 147.8 in January 2020 before tumbling after the coronavirus lockdown threw Americans out of work and closed many businesses. By November, it had recovered to 126.4, but dropped sharply in the three months after President Joe Biden was elected. The index fell to 97.8 in February before beginning a three-month rebound that took the index to 123.7 in May, but has declined again the past five months.”

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That data comes after recent polling also showed Americans are very concerned about supply chain shortages.

“Problems affecting the U.S. supply chain have a majority of Americans concerned, as they are already noticing shortages in stores, and they expect the federal government to take action to solve the crisis,” Rasmussen said. “A new national telephone and online survey by Rasmussen Reports and Human Events finds that 85% of American Adults are concerned that supply chain problems may lead to shortages of basic items, including 49% who say they are Very Concerned. Only 11% are not concerned about the problem.”

On top of that, recent inflation data showed that inflation has continued to rise, even as it is already growing at the fastest rate in decades. All these factors have many Americans feeling uneasy about the economic future.

“The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in
September on a seasonally adjusted basis after rising 0.3 percent in August, the
U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all
items index increased 5.4 percent before seasonal adjustment,” BLS said. “The indexes for food and shelter rose in September and together contributed more than half of the monthly all items seasonally adjusted increase. The index for food rose 0.9 percent, with the index for food at home increasing 1.2 percent. The energy index increased 1.3 percent, with the gasoline index rising 1.2 percent.”

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