Americans’ confidence in the economy has decreased by nine points since March, marking the first decline since the fall, according to a Gallup survey. The Gallup Economic Confidence Index, which measures public perception of current economic conditions, dropped to -29 in April from -20 in March. This index ranges from +100 to -100, with positive ratings indicating good economic conditions and negative ratings indicating poor conditions.
In April, 44 percent of U.S. adults rated the current economic conditions as “poor”, while 32 percent said they were “only fair” and just 24 percent described them as “excellent” or “good”. The number of people giving positive ratings decreased since March, while the percentage of those describing conditions as poor increased. Confidence in the economy dimmed across political lines in April, with Democrats and independents showing declines in their index scores, while Republicans expressed overwhelmingly negative views towards the economy under President Biden.
The Gallup survey found that gas prices and inflation rose, the stock market lost its gains, and interest rates remained high during April 2024 when it was conducted. The survey included 1,001 adults and had a margin of error of 4 percentage points. Despite this decline in confidence, Americans perceive that the economy is getting better overall as it reached its lowest point in October 2023 but has since improved
