A new poll shows that only less than a quarter of Americans say they believe the state of the economy is somewhat good.
The poll conducted by CNN shows that only 23 percent of respondents said they thought conditions are somewhat good which shows a drop in the percentage from 37 percent in December and 54 percent last April.
Meanwhile, Americans of all political affiliations said the country’s economic conditions are poor, including 94 percent of Republicans, 54 percent of Democrats and 81 percent of independents.
The poll shows that 89 percent of people surveyed said they have heard at least some bad news about the economy while the percentage points for those who said they have heard some good news is 23.
Meanwhile, regarding President Joe Biden, while only 34 percent of those surveyed approved of his economic work, 66 percent disapproved.
The Democratic president has currently an overall approval rating of 41 percent, according to the poll.
The poll comes just after the Federal Reserve raised its baseline interest rate by 0.5 percent to a target range of 0.75 to 1 percent.
“Inflation is much too high and we understand the hardship it is causing. And we’re moving expeditiously to bring it back down,” Fed Chairman Jerome Powell said on Wednesday.
The inflation rate has hit its highest rate in decades this year, surpassing figures reported in 1982.
The US economy suffered, in the first three months of this year, contracted by 0.4 percent in the first quarter, marking its weakest quarter since the COVID started.
Economic growth plodded considerably at the outset of the year. In the concluding three months of 2021, US gross domestic product (GDP) – a broad measure of the economy – grew by only 1.7 percent or 6.9 percent on an annualized basis, local press outlets reported citing Commerce Department figures.
The department attributed the downturn to a surge in imports and a drop in private inventory investment, exports, federal government spending, as well as state and local government spending.