Americans’ confidence in the economy fell in May to its lowest level since October 2022, driven by growing pessimism about both current conditions and the economy’s future, according to Gallup’s latest Economic Confidence Index (ECI) report.
Gallup reported that though the ECI measured at -45 in May, it remained above the low of -58 recorded during June 2022, when high inflation and gas prices caused widespread anxiety about the economy.
The ECI gives scores ranging from 100 to -100, with the highest score occurring if all Americans rate the economy as good and say it is getting better, and the lowest indicating that all Americans rate it as poor and believe it is getting worse.
The most recent report shows that just 16% of Americans rated the economy as good, down from 28% who said the same in February. Nearly half said the economy was poor — up from 37% earlier this year — and 34% rated it as fair.
Americans were also increasingly pessimistic about the economy’s direction. More than three-quarters (76%) said economic conditions were worsening, compared with just 20% who believed they were improving. Gallup also noted that the share of those who said the economy was getting worse matches a reading from May 2023 and reflects a steadily growing trend of economic doubt.
Democrats were significantly more critical about the economy than Republicans, which is consistent with trends showing that political parties tend to be pessimistic about economic prospects when the opposite party is in power. Among Democrats, the ECI measured -80, while it read 22 for Republicans. Both scores are the lowest recorded for each political party during President Donald Trump’s second term.
Gallup also found that while concerns about inflation and the cost of living have remained among Americans’ top worries since late 2025, more respondents now identify the government itself as the nation’s most important problem. Twenty-six percent cited government concerns, compared with 15% who pointed to inflation or the cost of living.
Gallup concluded, “With just 16% of Americans rating the economy as excellent or good and 76% saying conditions are getting worse, the public mood heading into summer 2026 is markedly darker than it was at the start of the year.”