Gallup: Economic outlook confidence scores worst since 2007-2009 recession
Only 15% of Americans rated economic conditions as excellent or good
A recent Gallup poll focusing on economic outlook confidence among voters is “among the worst Gallup has measured since the 2007-2009 recession, which included a record-low -72 in October 2008 during the financial crisis that exacerbated an already bad economic situation.”
The poll was taken after the midterm elections, from Nov. 9-Dec. 2.
Interestingly, Gallup reported the results using positive result numbers instead of negative ones. Here’s an example:
Currently, 15% of Americans rate economic conditions as either excellent or good, while 46% say they are poor. The remaining 40% of Americans describe the economy as being in “only fair” shape.
Parsing the statement that 15% rating the economy as excellent means 85% rated economic conditions as poor or bad, and the flip side of 40% finding the economy in “fair shape” means 60% think the economy is a dumpster fire.
Gallups results also showed only 24% of U.S. adults said the direction of the economy was improving while 70% said it was getting worse. Gallup says those figures last October were 20% and 74%, respectively. Additionally, when gas prices hit a record high in June 2022, 85% of those polled said the economy was getting worse.
“The last time more Americans thought the economy was getting better than getting worse was in February 2020, before the coronavirus spread to the U.S.,” according to Gallup’s press release.
Feelings about the job market were a bit better, but only 62% said it’s a good time to find a “quality job” while 35% said it’s a bad time. That’s a drop from previous years.
“But the public is less likely to say it is a good time than they have been in recent months, with all measures between August 2021 and August 2022 near 70%, including the record-high 74% in October 2021,” Gallup reported.
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Another set of data released by Gallup shows Americans have a gloomy outlook for 2023.
About eight in 10 U.S. adults think 2023 will be a year of economic difficulty with higher rather than lower taxes and a growing rather than shrinking budget deficit.
More than six in 10 think prices will rise at a high rate and the stock market will fall in the year ahead, both of which happened in 2022.
Just over half of Americans predict that unemployment will increase in 2023, an economic problem the U.S. was spared in 2022.
90% of Americans expect 2023 will be a year of political conflict in the U.S.
72% think the crime rate will rise.
56% predict there will be many strikes by labor unions.
85% of U.S. adults predict the year ahead will be fraught with international discord rather than peaceful.
64% think the United States’ power in the world will decline.
73% think China’s power will increase.
64% of Americans expect Russia’s power in the world will decrease in 2023.
Context added in the press release on the findings included:
The government, the economy and inflation dominated as the most important problems facing the U.S. in 2022, and confidence in the economy remains among the worst readings measured since the Great Recession.
This decreased confidence is largely due to the highest inflation in the U.S. in more than 40 years, which a majority of Americans say is causing financial hardship in their household.
In addition, the public’s perceptions of local crime reached a record-high level and national crime perceptions edged up in October.
The findings are from a “Dec. 5-19 nationally representative web survey of U.S. adults who are members of Gallup’s probability-based panel.” These questions have been asked annually starting in 1960.
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