Newly released survey data shows that Americans are less confident about the economy.
Gallup’s recently released economic confidence rating dropped from March to April as inflation remains elevated. Just after the polling was conducted from April 1-22, the federal government released underperforming Gross Domestic Product data.
“This is the first time in five months that confidence has not seen a marginal improvement, and the first decline in economic confidence in the past seven months,” Gallup said.
As The Center Square previously reported, the U.S. Bureau of Economic Analysis published its the Personal Consumption Expenditure data last month, which reported that the PCE increased 0.3% in the previous month.
Similarly, the federal Consumer Price Index showed a 0.4% increase in prices.
Gallup polling also found that inflation is a top concern for Americans, with 55% saying they worry “a great deal” about inflation.
As The Center Square previously reported, recent GDP data reported growth at an annual rate of only 1.6% in the first quarter of 2024, well below what experts had projected and lower than the 3.4% growth from the previous quarter at the end of 2023.
According to Gallup, the results could have significant political implications.
“Today’s -29 ECI score is closer to what it was in mid-1992 (-37), when incumbent president George H.W. Bush lost the election in a campaign dominated largely by economic concerns,” Gallup said. “When Donald Trump was defeated for a second term in 2020, evaluations of the economy were mostly neutral, at -4 (in October). Economic confidence ratings were neutral in October 2004 (+1) and October 2012 (-1), when incumbents won reelection, and were positive in October 1996 (+23) when Bill Clinton won a second term.”
