In May, Americans’ views on the economy have turned more negative, pushing Gallup’s Economic Confidence Index (ECI) down to -45. This is a drop from -38 in April and marks the lowest score since October 2022. To put it in context, back in June 2022, during another tough time with high inflation and rising gas prices, the index hit a low of -58.
The ECI runs from +100—when everyone sees the economy as excellent and improving—to -100, meaning everyone thinks it’s poor and getting worse. Historically, the index peaked at +56 in January 2000 and plunged to -72 in October 2008 during the financial crisis.
Recent surveys, conducted from May 1-17, came just before the federal inflation report on May 12 revealed that consumer prices were rising at their fastest rate since May 2023. This surge is fueled by increased energy costs, particularly gas prices, which are the highest they’ve been since 2022, largely due to ongoing global oil supply issues.
### Growing Pessimism
Recent survey findings show that only 16% of Americans view the current economic situation as excellent or good—the lowest percentage since April 2023. Interestingly, almost half, at 49%, rate conditions as poor, a significant rise from 37% earlier in 2026. Meanwhile, 34% think the economy is just fair.
A striking 76% of U.S. adults believe economic conditions are worsening, the highest proportion since May 2023. Many are feeling the impact of rising costs in their daily lives, as inflation continues to dominate conversations. According to Gallup, mentions of inflation as the country’s top issue rose from 8% to 15% between February and May.
### Party Lines
The confidence levels differ across political lines. Republicans show a positive ECI score of +22, but that’s the lowest recorded during President Trump’s second term. Independents and Democrats have even more significant drops, with -58 and -80 respectively—record lows for both groups since Trump took office in early 2025. Essentially, confidence has been declining across all political parties for four months straight, signaling widespread concern.
### The Economic Landscape
Inflation is now seen as a primary concern, but it competes with government issues. In the latest poll, 26% of Americans pointed to the government as the most pressing problem, while rising living costs and inflation followed closely at 15%. Gas prices are also creeping into the conversation, being cited by 4% as a top issue, especially among Republicans, where the number climbs to 10%.
### Conclusion
Today’s Economic Confidence Index is reminiscent of 2022 when people faced rising gas prices over $4 per gallon. With just 16% feeling optimistic about the economy and 76% sensing a downturn, America’s outlook is bleak as we head into summer 2026. The similarities to last year reflect ongoing struggles many are facing today.
For more insights on economic trends, follow Gallup on their social channels and check out their polls for a deeper understanding.
Learn more about the Gallup Poll Social Series to see full responses and trends.
Source link
