Americans Brace for Worsening Economy in 2023: Gallup Poll & HPU Poll Results
By Americans are bracing for a 2023 marked by worsening economic conditions, according to a new survey released Monday by Gallup.[0] The annual Gallup poll, which ran from Jan. 2 to Jan. 22, found a record-high 48% plurality of U.S. adults now predict the stock market will fall in the first half of 2023; 18% expect that it will remain the same, while 31% say it will go up.[1] The public’s outlook on other economic metrics — economic growth, the stock market, unemployment, interest rates and inflation — was largely negative.[2]
The majority of Americans — 67 percent — think inflation will rise in the next six months, though the figure is down from a record 79 percent who said the same at the start of last year. The only metric that doesn’t garner a majority of Republicans holding negative views is unemployment, yet nearly half think it will rise in the coming months.[0]
According to a Gallup poll published on Wednesday, 50% of Americans declared that their financial situation is worse than it was one year ago, making it the highest percentage since 2009. [3] Those with a household income of less than $40,000 reported that they were worse off at a rate of 61%, while 49% and 43% of middle- and high-income households respectively said the same.
In addition, a separate survey by the High Point Survey Research Center found that 53% of respondents said inflation over the past few months has been worse than they expected, compared to 25% who said it was about what they expected, and 17% who claim it wasn’t as bad as they expected.[4] The HPU Poll has a margin of error of 3.3%.[4]
As the public becomes increasingly pessimistic about the economy in 2023, it remains to be seen whether their predictions will come to pass or if the economy will surprise them with a stronger recovery.
0. “Americans Pessimistic About Inflation, Stock Market” Gallup Poll, 6 Feb. 2023, https://news.gallup.com/poll/469322/americans-pessimistic-inflation-stock-market.aspx
1. “Record-high 48 percent expect stock market decline: Gallup” AOL, 6 Feb. 2023, https://www.aol.com/record-high-48-percent-expect-145454660.html
2. “Americans’ Economic Outlook Is Mostly Negative in Gallup Poll” Forex Factory, 6 Feb. 2023, https://www.forexfactory.com/news/1204197-americans-economic-outlook-is-mostly-negative-in-gallup
3. “Half of Americans Say They're Worse Off, Most Since 2009” Bloomberg, 8 Feb. 2023, https://www.bloomberg.com/news/articles/2023-02-08/half-of-americans-say-they-re-worse-off-most-since-2009-gallup
4. “Poll: Inflation worse than expected in North Carolina” Washington Examiner, 31 Jan. 2023, https://www.washingtonexaminer.com/poll-inflation-worse-than-expected-in-north-carolina
