"Gallup's Economic Confidence Index measured -45 in May, down from -39 in each of the previous two months. It is the lowest reading in Gallup's trend during the coronavirus pandemic, and likely the lowest confidence has been since the tail end of the Great Recession in early 2009," the pollster said.
Gallup's Economic Confidence Index is a summary measure of Americans' perceptions of current economic conditions and their outlook for the economy. Since 1992, the index has been measured based on telephone surveys. The latest poll was conducted on May 2-22.
"Currently, 14% of US adults rate economic conditions as either 'excellent' or 'good,' while 46% say they are 'poor,' with another 39% rating them as 'only fair,'" the press release read.
Meanwhile, 20% of Americans say the economy is getting better and 77% say it is getting worse, essentially the same as in April and March, it added.
More Americans now see inflation among the most significant problems. "Eighteen percent mention inflation specifically and 12% mention the economy in general terms," the report noted, adding that among other issues people cite immigration, race relations or racism, abortion, unifying the country, and crime and violence.
Inflation fears "remain relatively high compared with recent history but have been higher in the past, including 52% in October 1981, 49% in January 1982 and 31% in April 1982, around the time inflation was last at its current rate," the pollster specified.
Results of the survey are based on telephone interviews of 1,007 adults from all 50 US states and the District of Columbia.