Biden’s Summertime Blues: U.S. Economic Confidence Slumped into Negative Territory in July

US President Joe Biden speaks about how his Build Back Better agenda will lower prescription drug prices, in the East Room of the White House in Washington, DC, on August 12, 2021. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)
Photo by MANDEL NGAN/AFP via Getty Images

The economic confidence of Americans declined in July, polling by Gallup indicates.

Gallup’s Economic Confidence Index is now -6, down from +1 in June and back to the negative level registered in May.

The recent decline in confidence may reflect public reaction rising coronavirus infections and higher than expected inflation.

Gallup asks Americans to rate national economic conditions as excellent, good, only fair, or poor. It also asks whether the economy is getting better or getting worse. The combined responses are used to create the Gallup Economic Confidence Index, which has a range of +100 (if all respondents say the U.S. economy is excellent or good and that it is getting better) to -100 (if all say it is poor and getting worse).

Confidence is far below the Trump administration highs. The last full pre-pandemic reading was +41 in February 2020, the highest rating since October of 2000. But it has rebounded from the pandemic low of -33 in April 2020.

 

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