Economic Confidence Plummets in Gallup Survey Amid Rising Prices and Stable Political Divides

Gallup’s latest survey reveals a nine-point decline in Americans’ confidence in the economy since last month, marking the first decrease in confidence since the fall. The Gallup Economic Confidence Index, which measures public opinion on current economic conditions, dropped to -29 in April from -20 in March.

The index ranges from +100 to -100, with higher numbers indicating positive economic conditions and lower numbers indicating poor economic conditions. Twenty-four percent of U.S. adults rated the current economic conditions as “excellent” or “good,” while 32 percent considered them “only fair.” Meanwhile, 44 percent rated the economic conditions as “poor.”

In April, confidence in the economy declined across political lines, with Democrats experiencing a four-point drop in their index score and Republicans expressing overwhelmingly negative views. The index had reached its lowest point in October 2023 but had been gradually increasing until April 2024.

The survey was conducted in early April when gas prices and inflation were rising, the stock market was retreating from its record highs, and interest rates remained high. The survey included responses from 1,001 adults and has a margin of error of 4 percentage points.