Finance

Just 23 percent in new poll rate economy somewhat good

Less than a quarter of Americans rated the state of the economy as somewhat good in a new poll. 

Just 23 percent of respondents in the CNN survey out late Wednesday said they thought conditions are somewhat good. That percentage has dropped sharply from 37 percent in December and 54 percent last April, the network noted  

When divided by party, Americans of all political affiliations described the economy’s condition as poor, including 94 percent of Republicans, 54 percent of Democrats and 81 percent of independents. 

Eighty-nine percent of respondents said they’ve heard at least some bad news about the economy compared to 23 percent that said they’ve heard some good news. 

Regarding President Biden, 34 percent of those polled approved of his economic work and 66 percent disapproved. The president has an overall approval rating of 41 percent, according to the poll. 

The survey was conducted between April 28 and May 1. It has a margin of error of 3.9 percentage points and included a sample of 1,007 respondents.

The poll’s results were released just after the Federal Reserve raised its baseline interest rate by 0.5 percentage points 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. 

Inflation has hit its highest rate in decades this year, surpassing figures seen in 1982.

Tags Biden economy Inflation Jerome Powell

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