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Economic confidence plummets in US amid Iran war, poll shows
TL;DR
Only 16% of Americans rate the economy as 'good' or 'excellent' amid rising inflation and the Iran war, according to a Gallup poll. Economic confidence has dropped to -45, with 76% believing conditions are worsening.
Key points
- Only 16 percent of Americans view the economy as good or excellent
- Economic confidence has dropped to -45
- Forty-nine percent of respondents rate economic conditions as poor
- Seventy-six percent think the economy is getting worse
- Gallup's Economic Confidence Index averages economic conditions at -33 and outlook at -56
Only 16 percent of Americans view the economy in the United States as “good” or “excellent”, a new Gallup poll suggests, as inflation continues to rise amid the war on Iran.
The survey, released on Friday, deepens US President Donald Trump’s political woes ahead of the midterm elections in November, which will determine whether his Republican Party can retain control of Congress.
The survey, dubbed Gallup’s Economic Confidence Index, showed confidence in the economy has dropped to -45.
Forty-nine percent of respondents said economic conditions are poor and 34 percent rated them as fair. At the same time, 76 percent said they think the economy getting worse, while 20 percent said it is getting better.
The index averages the results on economic conditions, currently at -33 and economic outlook, currently at -56.
It was the worst set of findings on the economy that the index recorded since 2022 when the cost of living rose after the COVID-19 pandemic and Russia’s invasion of Ukraine.
Petrol costs in the US have skyrocketed since the start of the conflict with Iran late in February. The average price of one gallon (3.8 litres) of gasoline has risen to $4.55 from less than $3 before the US and Israel launched the war.
According to official government reports, consumer prices overall rose in March and April due to the energy crisis.
Iran has responded to the US and Israeli strikes – which killed several top officials, including Supreme Leader Ali Khamenei, as well as hundreds of civilians – by closing the strategic Strait of Hormuz, sending oil and gas prices soaring.
The US has also imposed a naval siege on Iranian ports, deepening the strain on energy supplies across the world.
Despite the ceasefire that began in April, the blockades have persisted in the absence of a permanent end to the war, and Iran is now claiming sovereignty over Hormuz, which operated as a free international passageway before the war.
Parts of the strait run through Iranian and Omani territorial waters.
Although the US is one of the world’s largest oil producers, energy prices are set globally, so the disruption has spiked costs for American consumers.
As a candidate, Trump promised to be a president of “peace”, saying he would pursue “America first” policies that would prioritise domestic issues over foreign interventions.
Q&A
What percentage of Americans think the economy is good or excellent?
Only 16 percent of Americans view the economy as 'good' or 'excellent'.
How has economic confidence changed in the US according to the latest poll?
Economic confidence has dropped to -45, indicating a significant decline in public sentiment.
What are the current ratings for economic conditions and outlook in the Gallup poll?
Economic conditions are rated at -33 and the economic outlook at -56 in the Gallup poll.
How do Americans perceive the future of the economy amid the Iran war?
Seventy-six percent of respondents believe the economy is getting worse, while only 20 percent think it is improving.
