Gallup: Most adults say the economy is subpar and worsening due to inflation

Large majorities of adults say the economy is subpar and getting worse due to the rising cost of living, Gallup reported Friday.

Gallup’s monthly survey found 83% of Americans describe current economic conditions as “fair” or “poor” and just 16% called it “excellent” or “good.” And 72% said conditions are worsening, compared to 23% who said they are improving.

“With inflation hovering around 6%, the issue continues to be Americans’ biggest specific economic concern; 12% currently name it as the most important problem facing the country,” Gallup said.

Among those surveyed, 33% listed economic issues as their top concern. In addition to inflation, 12% mentioned the economy in general and 3% cited the federal budget deficit or federal debt.

Americans named the government (20%) and immigration (11%) as their next-biggest concerns after the economy.

Overall, Gallup said its monthly Economic Confidence Index hit -34 this month, statistically unchanged since November but slightly better than a 13-year low of -58 last June. The index hit its record low of -72 in October 2008.

The score, which asks Americans to rate the current economy and say whether it is improving, is based on a 1-100 scale. Launched in 1992, it has been underwater since March 2020, when officials first shuttered non-essential businesses during the pandemic.

Gallup conducted the randomized national telephone survey of 1,009 adults on March 1-23. The margin of error was plus or minus 4 percentage points at the 95% confidence level.

Source: WT