Economic Confidence Takes a Hit: Gallup Survey Shows First Decline Since Fall Amid Rising Gas Prices, Inflation, and Stock Market Dip

Gallup’s recent survey shows a decline in Americans’ confidence in the economy by nine points 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. In April, 44 percent of U.S. adults rated the economic conditions as “poor,” while 24 percent considered them “excellent” or “good.” Meanwhile, 32 percent saw them as “only fair.”

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

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