Topline
Americans expressed little confidence over their ability to find a good job, afford a new home and save for retirement, according to results from an AP-NORC poll conducted in October, showing growing anxiety over the state of the economy across large segments of the population.
Only 32% of respondents said they had a positive view of the economy, an AP-NORC poll conducted in October found.
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Key Facts
Overall optimism about the state of the economy declined slightly in the last two months, the AP-NORC poll released on Sunday showed, with only 32% of Americans viewing the economic outlook positively.
A majority of Americans polled, about 59%, said they were still “holding steady” in their financial situation, according to the poll, but very few—only 12%—said they were getting ahead.
Respondents also expressed little confidence in their ability to find a good job if needed—47% said they had little or no confidence, 30% said they were somewhat confident, and only 21% said they were very confident.
A significant number of Americans also said grocery prices were a major source of stress, including 65% of adults who make less than $50,000 per year, 52% of those who make between 50,000 and $100,000 and 42% of those who make more than $100,000.
Housing costs were the second biggest stressor, according to the poll, with 45% of Americans across income levels reporting it as a “major source” of stress.
How Are Lower Income Americans Feeling About The Economy?
A majority of Americans polled said they were holding steady despite the economic outlook, but these results differed greatly when broken down by income. Forty-three percent of Americans who make less than $50,000 said they were falling behind, compared to only 23% in the middle bracket and 16% in the highest bracket. Americans in the lowest bracket surveyed also expressed skepticism that they could afford major purchases—68% said they had little or no confidence they could afford emergency medical expenses, 76% expressed little confidence in their ability to buy a new home and 69% had little confidence in the amount they saved for retirement. Americans in this bracket also expressed the most doubt about their ability to find a good job, with a 60% majority having no or little confidence in their ability to find one if needed. Electricity costs are also beginning to stress lower income Americans, according to the poll results, with 48% labeling these costs as a “major source” of stress and 36% as a “minor source.”
How Does The Polling Break Down Along Party Lines?
Republicans were more likely to feel confident about the economy during President Donald Trump’s second term, with 58% still expressing optimism. This result was down slightly from the last AP-NORC poll taken in August, which found 63% of Republicans feeling optimistic. Democrats were much more pessimistic, with only 14% viewing the economy positively, while an 86% majority viewed the economy negatively. About 83% of independents also viewed the economy negatively, according to the results. The polling also broke down along age lines. Forty-one percent of adults over age 60 viewed the economy positively, while only 17% of those surveyed under age 30 had a positive outlook.