U.S. Economic Confidence Falls to Lowest Level Since 2022

A Gallup poll released on Friday showed only 16 percent of Americans view the U.S. economy as good or excellent. The survey recorded an Economic Confidence Index of -45, the lowest level since 2022. Forty-nine percent of respondents described economic conditions as poor and 34 percent rated them as fair.

Seventy-six percent of respondents said they expect the economy to worsen, while 20 percent said it is improving. The index combines current conditions at -33 and economic outlook at -56.

Petrol prices have risen sharply since the start of the conflict with Iran in late February. The average price of one gallon of gasoline reached $4.55, up from less than $3 before the conflict began. Official government reports indicated consumer prices rose in March and April due to the energy situation.

Iran closed the Strait of Hormuz in response to strikes, which increased global oil and gas prices. The U.S. imposed a naval blockade on Iranian ports, further affecting energy supplies. A ceasefire began in April, but blockades have continued and Iran has asserted sovereignty over the strait.

The current findings match the lowest readings recorded after the COVID-19 pandemic and Russia's invasion of Ukraine in 2022. The survey follows other recent polls showing low approval for handling of the conflict. A New York Times/Siena poll released earlier this week found 31 percent approval for handling of the conflict with Iran.