U.S. Economic Confidence Falls to Four‑Year Low in May 2026

A Gallup poll released in May shows the U.S. Economic Confidence Index dropped to –45, matching its October 2022 low and slipping from –38 in April. Only 16% of adults rate the current economy as excellent or good—the lowest level since April 2023—while 49% say conditions are poor and 34% view them as only fair. A record 76% of respondents say economic conditions are worsening, the highest share since May 2023.

Inflation remains a driver, with the Consumer Price Index up 3.8% year‑over‑year in April and gas prices climbing sharply as the Iran‑U.S. conflict pushes national averages toward $4.48 per gallon. Small‑business optimism edged higher but stays below its long‑term average. The low confidence reading is expected to shape political dynamics ahead of the November midterm elections, with pollsters noting a decline in support for both parties and a dip in former President Donald Trump’s own numbers.

"More than three‑quarters of U.S. adults (76%) say economic conditions are actively getting worse," Gallup said, underscoring a broadening pessimism across the electorate.