Almost half of Americans say economy is in bad shape and getting worse, survey shows

Frustrations are mounting among Americans regarding the state of the nation’s economy, according to responses in a new Gallup poll.

The survey found that more people feel more negative about the current economy and the direction it's heading in. 

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Gallup conducted the poll between April 1-15 amid the ongoing conflict between Iran and the U.S. and Israel, which have been at war since Feb. 28. The war has interrupted commercial shipping through the Strait of Hormuz, causing global oil prices and U.S. fuel costs to skyrocket. 

Data gathered for the survey utilized Gallup’s Economic Confidence Index, which has a hypothetical range of -100, if all Americans were to rate current economic conditions as poor and if the economy was getting worse, to +100, if all respondents rated the current economic conditions as excellent or good and believed the was getting better. 

Nearly half of Americans feel more negative about the economy and its path

Dig deeper:

Gallup reveals that 47% of respondents describe the current economic conditions as "poor," an increase from 40% in March. But another 21% believe the economy is "excellent" or "good," not meaningfully changed from 23% last month. 

And by a margin of 73% to 23%, Americans think the economy is getting worse rather than better. In March, Gallup noted that the split between respondents was 66%-30%. The analytics and research firm added that the current economic outlook from respondents is the worst since October 2023, when 74% said it was getting worse and 21% was getting better. 

Political parties chimed in on the economy with Republicans viewing the economy positively with a GOP presidential administration in office, but Gallup explained in the survey that their Economic Confidence Index score dropped 15 points between March and April, representing the steepest decline among the major political party groups. Moreover, Independents and Democrats rated the economy more negatively than positively in March.

Americans don’t rate the job market and stock market favorably

Big picture view:

Gallup asked respondents in the poll to evaluate two areas of the economy: the job market and the stock market. Approximately 33% of Americans think it’s a suitable time to find a quality job, compared to 63% who say it is a bad time. 

Respondents were asked about their thoughts on investing $1,000 in the stock market, and 53% said it would be a bad idea, compared to 43% who believe it would be a good idea. 

But stock investors are much more positive about investing, with 52% stating it would be a good idea to invest, compared to non-stock investors (28%). And only six in 10 people have money invested in the stock market. 

Separately, approximately 32% of Americans name at least one specific economic issue, including the economy in general terms (13%), inflation and the high cost of living (11%), and gas prices (3%). 

According to Gallup, other specific issues receiving significant mentions are immigration (11%), the war in the Middle East (8%), and wars in general terms (5%).

Meanwhile, Republicans (32%), Democrats (31%) and independents (33%) are equally likely to mention economic issues as the most important problem facing the U.S. Democrats are much more likely to mention the government (41%) than independents (23%) and Republicans (18%) are.