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Americans have worst assessment of economic activity since Great Recession

According to a Gallup poll, only 36% have a positive perception of the main sectors of the economy.

Obreros

(Cordon Press)

Published by
Alejandro Baños

Americans' perceptions in the sectors that most influence the economy are at about the same level as they were during the Great Recession. The average positive valuation of these business and industrial areas is 36%, when the historic low recorded was 34% in 2008.

According to an annual survey by Gallup the average declined by 9 percentage points compared to the 2020 survey, and is down 3 points from 2021. This drop reflects dissatisfaction with the Biden Administration's management of the economy . Inflation resists falling significantly, and stands at 8.3%. Households suffer the largest drop in equity in decades. And one in ten families suffered severe food insecurity last year.

In terms of sectors, the only ones that receive a passing grade are the hotel industry (60%), agriculture and livestock (57%) and information technology (50%). In contrast, the gas sector (22%), the Biden Administration as an economic manager (25%) and the pharmaceutical sector (25%) are the worst rated.

With respect to 2021, food (14 points) and real estate (9 points) are the two sectors that experienced the greatest drop. Rising prices in these two industries are the trigger for the decline in their valuation. Retail, on the other hand, obtains the highest increase in valuation, with 5 points more in 2022 (47%) than in 2021 (42%). Other sectors that improved their valuation compared to 2021 are healthcare (+4%), audiovisual (+2%), hospitality (+2%), tourism (+1%), sports (+1%), Internet (+1%) and accounting (+1%).

The Biden Administration's rating, in decline

The decline in the rating of the Federal Government goes hand in hand with its management of the economy. Prices are rising and, for the first time, the Biden Administration acknowledges the risk of recession, as stated by Treasury Secretary Janet Yellen:

Inflation is too high and it is essential to reduce it. I think there is a way to get there. In the long run, we cannot have a strong labor market without inflation under control.

By political ideology

The average sector rating among Republicans only drops one point from last year, from 32% to 31%, although it is at an all-time low. For their part, Democrats reflect their discontent and punish the Biden Administration's management. A significant drop of 7 points with respect to 2021 due to the worsening of the economy since Joe Biden has been president.

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