Economic Confidence Drops In May, Gallup

The Gallup Economic Confidence Index dipped in May with the number of Americans describing economic condition as “excellent” or “good,” hitting the lowest figure since December 2023, “despite somewhat positive economic news.”

• Gallup notes: “The Dow Jones Industrial Average climbed substantially during most of this period, though it lost some of these gains in the final week of surveying. At the start of the month, the U.S. Labor Department reported an increase in U.S. jobs, but at a lower rate than in most months over the past year.”
• Gallup’s Economic Confidence Index, “registered -34 in May, reflecting further deterioration in how Americans assess the economy’s current state as well as its trajectory. The index had improved significantly from -40 in November to -20 in March, before falling to -29 in April.”
• Gallup: “Twenty-two percent of Americans describe current U.S. economic conditions as “excellent” or “good,” down slightly from the prior month, marking the lowest figure recorded since December’s 22%."

Figure 1: Economic Confidence Index, 2020-2024