American confidence in economy drops to four-year low, poll finds

Gas prices fueling inflation amid Iran war

US consumer prices climbed sharply again last month as the 10-week war with Iran delivered higher gasoline prices and more pain for Americans ahead of the Summer travel season.

American economic confidence has plummeted to its lowest level in nearly four years, driven by a combination of resurgent inflation, soaring gas prices and growing political pessimism in both parties. 

The new Gallup poll, conducted May 1–17, found more than three-quarters of U.S. adults (76%) say economic conditions are actively getting worse. Here’s what else it found: 

How Americans view the current economy

By the numbers:

The Gallup Economic Confidence Index sank to -45 in May, down from -38 in April. The reading matches an October 2022 low. 

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Gallup’s Economic Confidence Index has a theoretical range of +100 (if all Americans rate current conditions as excellent or good and say the economy is getting better) to -100 (if all Americans rate the economy as poor and say it is getting worse). The highest scoring index was reported in January 2000 with +56. The lowest was -72 in October 2008. 

Only 16% of Americans rate current economic conditions as "excellent" or "good," the lowest mark since April 2023. Meanwhile, 49% now rate conditions as "poor," a steady climb from 37% at the start of 2026. Another 34% view the economy as "only fair."

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Just 20% of Americans believe economic conditions are improving. The share of pessimistic outlooks matches a previous high from May 2023.

Political pessimism

Dig deeper:

"The public mood heading into summer 2026 is markedly darker than it was at the start of the year," Gallup says, with economic confidence declining among both parties. 

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Republicans scored +22 on the ECI in May, while Independents scored -58 and Democrats dropped to -80. That’s the lowest score for each group since President Donald Trump took office again in 2025. 

What does it mean for the midterms? 

What's next:

Low economic confidence has also sent Trump’s own poll numbers plummeting, which could spell trouble for Republicans as they try to defend their House and Senate majorities in November.

More than three-quarters of U.S. adults (76%) say economic conditions are actively getting worse, a new Gallup poll found (Getty Images)

Asked in May about inflation and whether it motivates him to end the war with Iran quicker, Trump said, "I don’t think about Americans’ financial situation."

"The only thing that matters when I’m talking about Iran — they can’t have a nuclear weapon. I don’t think about Americans’ financial situation. I don’t think about anybody," Trump said. "I think about one thing: we cannot let Iran have a nuclear weapon."