American pessimism about the country’s economy has intensified, poll shows

Economic pessimism is on the rise among Americans, according to a poll by the American sociological institute Gallup.

It is noted that currently 14% of adults in the US rate economic conditions as “excellent” or “good”, while 46% say they are “bad”, and another 39% rate them as “fairly satisfactory”. At the same time, in April, 20% of Americans assessed the economy positively, and 42% said that it was bad.

“American economic pessimism has taken a turn for the worse this month and is likely at its lowest point since the end of the Great Recession. Last year, as inflation began to rise, most other economic factors, including economic growth, stock prices and unemployment, remained healthy. But economic growth contracted in the first quarter, and if the second quarter saw a similar decline in output, the US would fall under the usual definition of a recession used by economists, a designation that could further undermine US economic confidence,” the Gallup researchers noted.

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Survey participants were also asked what, in their opinion, is the most important problem the country is facing today. According to 19%, it is “Government/Bad leadership”. This is followed by the answer “High cost of living/Inflation” (18%). Another 12% named “The economy as a whole.” The top five responses also include “Immigration” (8%) and “Race Relations/Racism” (6%).
Survey results are based on telephone interviews conducted between May 2 and May 22, 2022, among 1,007 people aged 18 and over in all 50 US states and the District of Columbia. The error is plus or minus four percentage points.