In recent times, the United States is facing economic challenges. According to a survey by Gallup, twenty-four percent of U.S. adults believe that the current economic conditions are excellent or good, with thirty-two percent describing them as only fair. However, forty-four percent of respondents rated the economic conditions as poor. Unfortunately, data showed a decrease in the number of people who gave positive ratings and an increase in those who rated the conditions as poor compared to the previous month.
Outlooks regarding the economy have dimmed across political lines in April 2021. Democrats, who have been considered the most economically optimistic, saw a four-point decline in their index score from 35 to 31 since March. Independents’ index score dropped by 10 points from -28 to -38, while Republicans, who have expressed negative views towards the economy under President Biden, had their confidence decline from -62 in March to -71.
The index representing economic confidence had dropped significantly during the early stages of the pandemic, from +41 in February 2020 to -32 in April 2020. Since then, it has only briefly reached above zero in April 2021 and June 2021 before returning to negative territory. The survey was conducted from April 1 to 22 amidst rising gas prices and inflation, a pullback in the stock market’s gains, and high interest rates. It involved 1,001 adults with a margin of error of 4 percentage points.
In conclusion, it appears that Americans’ outlook on their economy has taken a turn for the worse despite some improvements since last year’s pandemic lows.
For more information on this topic visit Lauren Irwin’s article on The Hill.
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