Americans rate the U.S. economy as “poor,” with Gallup’s July Economic Confidence Index coming in at -35.

The index, ranging from +100 to -100, is a summary of Americans’ views on current economic conditions, from “excellent,” to “good,” “fair” or “poor.”

In addition, 70% of Americans believe the economic is “getting worse,” on par with the 69% who shared this opinion in June.

For the 29^th straight month, the majority of Americans — 46% in July — characterized current U.S. economic conditions as “poor.” Thirty-two percent said they are “only fair,” and 22% said they are “excellent” or “good.”

Asked about the top problems facing the country, a combined 33% named at least one economic issue — including inflation, the economy, unemployment, wages and taxes. That was followed by 26% citing poor government and 19% pointing to immigration.

The -35 Economic Confidence Index rating is consistent with the longer trend of the public’s negative outlook on the U.S. economy that began in May 2021, four months after President Joe Biden took office and inflation began soaring, reaching a peak of 9.1% in June 2022. During Biden’s term in office, inflation has risen a cumulative 20%.

The ECI score is not much higher than its lowest point, -72, in October 2008, at the start of the Great Recession. Since Gallup launched this index in 1992, the highest score was +56 in January 2000.

During Biden’s administration, confidence has slumped to as low as -58 in June 2022.

The index did show some improvement between November and March, gaining 20 points, but has since slid back to where it was in December 2023.

The latest reading is based on a Gallup poll conducted in July after the Consumer Price Index came in at 3.0% in June.

“This positive news marked the first month-to-month decline in consumer prices in four years,” said Mary Claire Evans, deputy director of news at Gallup. Tempering this economic progress, however, “unemployment also ticked up in June, and the housing market continued to see high prices and persistently high mortgage rates.”

Gallup’s results are based on telephone interviews conducted July 1-21, 2024 among a random sample of 1,010 adults ages 18 and older living in all 50 states and the District of Columbia.