US economic confidence hit a nearly four-year low, plummeting to its worst level since 2022, a new Gallup poll showed Friday.
Only 16% of US adults rated the economy “excellent” or “good,” according to the poll. An additional 34% rated the economy as “only fair,” while 49% said it is “poor.”
Additionally 76% of US adults said that economic conditions are “getting worse,” while only 20% said they are “getting better.”
Economic confidence has declined steadily in recent months among Americans across the political spectrum, as the war in Iran drives a sharp increase in inflation and gas prices.
Although the poll found that Republicans remained positive overall, their economic confidence in May was the lowest since Donald Trump returned as US President in late January 2025.
However, this was still much higher than shortly before he left office from his first term in January 2021 amid the global COVID pandemic.
The Gallup economic confidence index, which summarizes Americans’ assessment of their economic outlook, also registered a decline to -45 points, the lowest reading since 2022 when inflation surged to 9%. The top rating on the index is +100 points.