Poll: Public confidence in the economy is at a near 2-year low

Trump speaks to reporters as he departs White House for Indiana, (Photo ©2019 Doug Christian/TMN)
President Donald Trump speaks to reporters outside the White House. (File photo ©2019 Doug Christian/TMN)

WASHINGTON — Though almost two-thirds of Americans think the U.S. economy is performing well, public confidence in the economy is at its lowest point in nearly two years, according to a poll released on Wednesday.

The CNN/SSRS survey found that 65% of the respondents said economic conditions are good but 33% said economic conditions are poor. Meanwhile, 2% said they had no opinion on the matter.

The survey included 1,001 respondents and was carried out Aug. 15-18. It has a margin of error of plus or minus 3.7 percentage points.

Meanwhile, CNN/SSRS projections showed that public confidence in the economy ranged from 66% to 71% from November 2017 to May 2019. Public confidence in the economy was at  63% in a September 2017 CNN/SSRS poll. The former marks the last time that public confidence in the economy was lower than Wednesday’s poll showed.

Last week, the Dow Jones Industrial Average fell 800 points and the bond market signaled its first recession warning since 2007. Stocks have since recovered but that has done little to allay fears that a recession may be on the horizon.

President Donald Trump has urged the Federal Reserve to make further interest rate cuts and to resume quantitative easing, a process through which the government increases it debt portfolio in order to pump more money into the economy.

The Fed is scheduled to hold its next meeting Sept. 17-18.

The economy grew by 2.1% in the second quarter of this year.

The national unemployment rate has stayed at 3.7% since June — a near 50-year low.

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