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US News

Poll finds more than two-thirds of US pessimistic about the economy

By
Mark Moore
Published April 18, 2023
Updated April 18, 2023, 5:24 p.m. ET

Nearly seven in 10 Americans hold negative views about the US economy and two-thirds say inflation is outpacing their wages, according to a stunning survey published Tuesday.

A total of 69% say they are downbeat about the country’s financial shape now and in the future, the highest percentage in the 17-year history of the CNBC All-America Economic Survey.

For context, pessimism about the current and future economy stood at 37% in April 2021 and rose to 68% in July 2022, roughly tracking with a spike in annual inflation from 4.2% in April 2021 to a four-decade high of 9.1% in June 2022.

Meanwhile, 62% of Americans disapprove of how President Biden is handling the economy, while just 34% approve, the poll found. 

Biden’s overall job disapproval rating has risen slightly to 55% from 53% in November, while his approval rating fell two points to 39% in the same period.

The 80-year-old’s approval rating among independents has fallen nine percentage points to 27% from this time last year, and two percentage points among Democrats to 77%.

Graph of the percent of Americans who are pessimistic about the economy.
More than double the amount of Americans are pessimistic about the economy.
Nearly seven out of 10 Americans say they have a pessimistic view of the nation's economy and don't expect it to improve anytime soon.
Nearly seven out of 10 Americans say they have a pessimistic view of the nation’s economy and don’t expect it to improve anytime soon. REUTERS

“It’s clear that as much as there is a partisan overlay to people’s attitudes, everybody is also feeling the squeeze, including Democrats, and that’s depressing numbers with the base,″ said Jay Campbell, a partner at Hart Research, the survey’s Democratic pollster.

The survey also found that 57% predicted a recession will happen in the next year, with 9% saying the US was in one already.

A full 67% of Americans think their wages are falling behind the cost of living, while another 26% said they were staying about even and just 5% said their salaries were outrunning inflation. 

Housing construction.
The survey also found that 57% predicted a recession will happen in the next year, with 9% saying the US was in one already. REUTERS
President Biden.
62% of Americans disapprove of how President Biden is handling the economy, while just 34% approve, the poll found.  AFP via Getty Images

As a result of higher food and gas prices, 65% say they are cutting back on going to restaurants and movies, 54% are traveling less, 53% are driving less to do errands and other day-to-day activities, 49% are tapping into savings to cover expenses, and 43% are buying fewer groceries. 

Another 40% say they have taken an additional job or are working more hours to make ends meet — up 7 percentage points from July of last year.

More than half of respondents (54%) said groceries had taken the biggest bite out of their wallets — up from 34% in January 2022 — followed by gasoline (17%), housing (12%), and healthcare (8%).

The poll surveyed 1,002 adults between April 6-11 and has a margin of error of plus or minus 3.1 percentage points.