Gallup Index Sinks to -45 as $4.55 Gas Deepens US Economic Gloom
Updated
Updated · Al Jazeera English · May 22
Gallup Index Sinks to -45 as $4.55 Gas Deepens US Economic Gloom
7 articles · Updated · Al Jazeera English · May 22
Only 16% of Americans now rate the US economy as good or excellent, while Gallup’s Economic Confidence Index fell to -45—its weakest reading since 2022.
Gasoline averaging $4.55 a gallon, up from under $3 before the Iran war, has fed broader inflation as disruption around the Strait of Hormuz pushed global energy costs higher.
Forty-nine percent of respondents called conditions poor, 34% said fair, and 76% said the economy is getting worse; Gallup’s conditions score was -33 and outlook score -56.
The poll adds to pressure on Donald Trump before November’s midterms, after a separate New York Times/Siena survey found just 31% approve of his handling of the Iran war.
As the Iran conflict chokes global oil supply, what happens to family budgets if gas prices continue to climb through winter?
China's truce on critical mineral exports expires in November. How will this impact the price of American cars and electronics?
May 2026 Economic Confidence Report: Inflation, Tariff Impacts, and Widening Inequality in the U.S.
Overview
As of May 2026, American economic confidence is shaped by a mix of resilient hard data—like strong employment and corporate earnings—and weak consumer sentiment, which is weighed down by persistent inflation and high Treasury yields. This creates a challenging environment, especially for high-valuation U.S. stocks under pressure. The University of Michigan's surveys show that while inflation expectations have dipped slightly, consumers remain cautious. Overall, the interplay between solid economic fundamentals and ongoing concerns about rising prices and borrowing costs leads to a divided and uncertain outlook for the U.S. economy.