US Economic Confidence Hits New Low Amid Tensions with Iran

US Economic Confidence Hits New Low Amid Rising Petrol Prices

A recent Gallup poll has found that economic confidence in the US is at its lowest level since 2022, with 16% of Americans viewing the economy as “good” or “excellent”. The survey, which averages the results on economic conditions and outlook, shows a significant decline in confidence, standing at -45.

Forty-nine percent of respondents described economic conditions as poor, while 34% rated them as fair. Seventy-six percent believed that the economy is getting worse, with only 20% expecting it to improve. The index has not recorded such low levels since 2022.

The rise in petrol prices has been attributed to the ongoing conflict with Iran, which began in February. Gasoline prices have increased significantly, with the average price per gallon rising to $4.55 from less than $3 prior to the conflict.

Iran’s response to the US and Israeli strikes, including the closure of the Strait of Hormuz, has led to a global energy crisis, causing consumer prices to rise in March and April. The US has imposed a naval siege on Iranian ports, further straining energy supplies.

The Gallup survey is the latest in a series of negative polls for President Trump’s administration ahead of the midterm elections in November.

Source: Al Jazeera