A new CBS News/YouGov poll finds that Americans are overwhelmingly pessimistic about the state of the economy.
In the survey released May 17, respondents largely described financial conditions as “uncertain” and the economy as “struggling.”
The survey showed that respondents’ approval of President Donald Trump over his handling of inflation has reached the lowest level since he took office for the second time.
Twenty-seven percent of respondents approved of how Trump is handling inflation, which has dropped from its previous low of 31% in April. Approval ratings among Republicans also fell from 74% in March to 63% in the new survey. The survey also found that more than three-quarters of respondents say their income has not kept up with inflation.
Inflation in April hit the highest level since 2023, the Bureau of Labor Statistics’ consumer price index showed, as prices rose 0.6% from March to April and were 3.8% higher than a year earlier when released earlier this month.
Respondents are ‘disappointed’ with Trump’s economic policies
Sixty-five percent of respondents told pollsters they believed Trump’s policies were making the economy worse in the short term and 50% said the administration was making the economy worse in the long term.
When asked how they would describe how they felt about the way the Trump administration is handling the economy, 38% said they were “disappointed” and 32% said they were “angry.”
Nearly 70% of respondents said they did not have a clear understanding of the situation in the Strait of Hormuz. Oil shipping by waterways has almost stopped due to the US-Israel war over Iran, causing oil and gas prices to rise.
A 5.4% increase in gas prices in April drove the rise in the consumer price index, following a record 21.2% increase in March. Gas prices are up 28.4% for the year.
59 percent of respondents said gas prices were a financial hardship and 26% said they were an inconvenience.
Trump has said that he thinks “not one bit” about the financial situation of Americans when potentially negotiating an end to the war.
Contributing: Rachel Barber, USA TODAY