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Public Gives Lowest Economic Rating in Nine Years

Public Gives Lowest Economic Rating in Nine Years

by David W. Moore

GALLUP NEWS SERVICE

PRINCETON, NJ -- Americans are now rating current economic conditions more negatively than at any point over the last nine years, with expectations about the immediate future continuing to be more negative than positive. Americans also expect unemployment, interest rates, and inflation to get worse in the next six months, although they are generally positive about overall economic growth and the stock market.

The poll, conducted Jan. 13-16, finds only 22% of Americans rating the economy as excellent or good. Another 50% rate the economy as "only fair," while 28% say "poor." The 22% excellent/good to 28% poor ratio is the worst rating that Â鶹´«Ã½AV has measured since November 1993.

Rating of Current Economic Conditions

The above graph presents the rating since January 2001, when the economy was still viewed quite positively. Over the next several months, the rating fell until it reached a temporary low in the Sept. 7-10 poll. The Sept. 11 terrorist attacks were followed by a general rally effect in public opinion, and this measure of the economy surged significantly for a short time, but then drifted downward by the following spring. Positive statements about the economy, including Federal Reserve Board Chairman Alan Greenspan's comments that the recession was over, led to a temporary resurgence of the rating in the spring of 2002. However, continued economic weakness, accompanied by a volatile stock market, saw the rating fall again. For the past six months, the rating has fluctuated only slightly, with the percentage of Americans saying the economy is excellent or good about equal to the percentage saying poor.

The current rating is still higher than it was in all of 1992, during the elder Bush's failed re-election campaign. The lowest score came in mid-September of that year, when only 11% rated the economy as excellent or good and a majority, 51%, rated it as poor.

Where the Economy is Headed

Expectations about where the economy is headed continue to be more negative than positive, with 54% of Americans saying economic conditions are getting worse, and just 34% saying better. These numbers are about the same as they have been for the past six months.

Economic Conditions: Getting Better
or Getting Worse?

Most of the ratings over the past two years have been more negative than positive, except for a brief time in the spring of last year, following Greenspan's remarks, when the public seemed more optimistic about the future.

Other Economic Ratings

Despite these negative views about current economic conditions and where the economy is headed right now, Americans express a generally positive view about the stock market and overall economic growth in the next six months. Forty percent believe the stock market will be higher in six months, while only 30% expect it to be lower. Similarly, 46% of Americans expect economic growth to be greater six months from now, while just 30% expect it to be lower.

Over the next six months, do you think that each of the following will -- [ROTATED: go up a lot, go up a little, remain the same, go down a little, (or) go down a lot]? How about -- [RANDOM ORDER]?

 

2003 Jan 13-16
(sorted by "total go up")

Total
go up

Remain
the same

Total
go down

%

%

%

Inflation

49

35

12

Unemployment

48

16

35

Economic growth

46

22

30

Interest rates

41

37

20

Stock market

40

24

30



These positive numbers have to be considered against the public's more negative assessment of unemployment, inflation, and interest rates. For all three of these items, more Americans expect a worsening rather than an improving situation over the next six months -- expectations that have remained stable for several months.

Survey Methods

The latest results are based on telephone interviews with 1,000 national adults, aged 18 and older, conducted Jan. 13-16, 2003. For results based on the total sample of national adults, one can say with 95% confidence that the margin of sampling error is ±3 percentage points. In addition to sampling error, question wording and practical difficulties in conducting surveys can introduce error or bias into the findings of public opinion polls.

 

Now turning to the economy … How would you rate economic conditions in this country today -- as excellent, good, only fair, or poor?


Excell-ent

 

Good


Only
fair

 

Poor

No
opin-ion

%

%

%

%

%

2003

2003 Jan 13-16

2

20

50

28

*

2002

2002 Dec 19-22

1

23

48

28

*

2002 Dec 5-8

2

23

51

24

*

2002 Nov 22-24

2

30

45

23

*

2002 Oct 31-Nov 3

2

26

45

26

1

2002 Oct 3-6

2

24

46

27

1

2002 Sep 23-26

2

25

47

25

1

2002 Sep 5-8

2

22

53

23

*

2002 Aug 19-21

1

23

47

28

1

2002 Aug 5-8

1

27

52

19

1

2002 Jul 29-31

2

27

48

22

1

2002 Jul 22-24

2

25

48

24

1

2002 Jul 9-11

2

26

51

20

1

2002 Jun 17-19

2

35

43

19

1

2002 Jun 3-6

3

33

49

14

1

2002 May 20-22

3

38

46

12

1

2002 May 6-9

2

33

51

14

*

2002 Apr 22-24

2

37

46

14

1

2002 Apr 8-11

2

36

51

11

*

2002 Mar 4-7

3

31

51

14

1

2002 Feb 4-6

2

26

55

16

1

2002 Jan 7-9

2

27

54

16

1

2001

2001 Dec 6-9

2

29

53

16

*

2001 Nov 8-11

2

29

50

19

*

2001 Oct 11-14

2

36

48

13

1

2001 Sep 14-15

3

43

44

9

1

2001 Sep 7-10

2

30

49

19

*

2001 Aug 16-19

2

34

49

14

1

2001 Jul 19-22

3

38

47

11

1

2001 Jun 11-17

3

39

45

12

1

2001 May 10-14

3

37

45

15

*

2001 Apr 6-8

4

41

41

14

*

2001 Mar 5-7

3

43

43

10

1

2001 Feb 1-4

7

44

36

13

*

2001 Jan 10-14

11

56

27

6

*

2000

2000 Dec 2-4

12

51

28

8

1

2000 Nov 13-15

19

53

21

7

*

2000 Oct 6-9

14

57

24

4

1

2000 Aug 18-19

25

49

21

4

1

2000 Jul 25-26

26

48

21

4

1

2000 May 18-21

17

49

24

9

1

2000 Apr 3-9

14

46

30

9

1

2000 Jan 7-10

19

52

23

5

1


Excell-ent

 

Good


Only
fair

 

Poor

No
opin-ion

%

%

%

%

%

1999

1999 Oct 21-24

16

49

27

8

*

1999 Sep 10-14

20

47

24

8

1

1999 Aug 24-26

14

50

28

7

1

1999 Jun 4-5

18

56

21

5

*

1999 Jan 15-17

14

55

27

4

*

1998

1998 Dec 4-6

13

52

27

8

*

1998 Oct 29-Nov 1

13

53

27

6

1

1998 Sep 1

11

54

25

9

1

1998 Mar 20-22

20

46

27

7

*

1997

1997 Dec 18-21

7

41

38

12

2

1997 Nov 6-9

10

48

33

9

*

1997 Aug 22-25^

8

41

38

13

*

1997 May 6-7

7

39

38

15

1

1997 Jan 31-Feb 2

4

38

43

15

*

1996

1996 Oct 26-29

5

42

39

13

1

1996 Aug 30-Sep 1 †

3

34

46

16

1

1996 Jul 18-21

5

38

43

14

*

1996 May 9-12

3

27

50

19

1

1996 Apr 9-10

1

26

52

20

1

1996 Mar 15-17

2

31

48

18

1

1996 Jan 5-7

1

28

47

23

1

1995

1995 Nov 6-8

2

28

47

22

1

1995 May 11-14

2

27

50

20

1

1994

1994 Dec 16-18

2

25

52

21

*

1994 Nov 2-6

2

28

49

20

1

1994 Oct 22-25

1

25

52

21

1

1994 Jul 15-17

1

26

52

21

*

1994 Apr 22-24

1

23

49

26

1

1994 Jan 15-17

*

22

54

24

*

1993

1993 Dec 4-6

1

20

57

21

1

1993 Nov 2-4

1

16

50

33

*

1993 Aug 8-10

*

10

49

40

1

1993 Jun 29-30

1

14

52

32

1

1993 Feb 12-14

*

14

46

39

1

1992

1992 Dec 18-20

2

16

34

47

1

1992 Dec 4-6

1

14

41

43

1

1992 Oct 23-25

*

11

45

43

1

1992 Sep 11-15

1

10

37

51

1

1992 Aug 31-Sep 2 †

1

9

37

53

*

1992 Jun 12-14 †

1

11

47

41

*

1992 Apr 9-12 †

1

11

40

48

*

1992 Jan 3-6

*

12

46

41

1

^ Asked of half sample

† Asked of registered voters

Right now, do you think that economic conditions in the country as a whole are getting better or getting worse?

Getting
better

Getting
worse

SAME
(vol.)

No opinion

%

%

%

%

2003

(NA) 2003 Jan 13-16

34

54

10

2

2002

(NA) 2002 Dec 19-22

35

50

12

3

(NA) 2002 Dec 5-8

35

54

8

3

(NA) 2002 Nov 22-24

38

53

8

1

(NA) 2002 Oct 31-Nov 3

37

51

8

4

(NA) 2002 Oct 3-6

30

59

8

3

(NA) 2002 Sep 23-26

33

52

10

5

(NA) 2002 Sep 5-8

35

54

9

2

(NA) 2002 Aug 19-21

38

48

10

4

(NA) 2002 Aug 5-8

32

55

9

4

(NA) 2002 Jul 29-31

42

47

8

3

(NA) 2002 Jul 22-24

27

59

10

4

(NA) 2002 Jul 9-11

31

57

10

2

(NA) 2002 Jun 17-19

47

40

10

3

(NA) 2002 Jun 3-6

48

38

11

3

(NA) 2002 May 20-22

49

34

14

3

(NA) 2002 May 6-9

52

39

7

2

(NA) 2002 Apr 22-24

53

35

10

2

(NA) 2002 Apr 8-11

53

37

7

3

(NA) 2002 Mar 4-7

54

37

7

2

(NA) 2002 Feb 4-6

41

47

10

2

(NA) 2002 Jan 7-9

49

41

8

2

2001

(NA) 2001 Dec 6-9

44

48

6

2

(NA) 2001 Nov 8-11

30

59

7

4

(NA) 2001 Oct 11-14

33

55

10

2

(NA) 2001 Sep 14-15

28

60

8

4

(NA) 2001 Sep 7-10

19

70

9

2

(NA) 2001 Aug 16-19

27

59

11

3

(NA) 2001 Jul 19-22

35

53

9

3

(NA) 2001 Jun 11-17

29

60

8

3

(NA) 2001 May 10-14

25

63

9

3

(NA) 2001 Apr 6-8

24

63

9

4

(NA) 2001 Mar 5-7

28

61

7

4

(NA) 2001 Feb 1-4

23

66

8

3

(NA) 2001 Jan 10-14

32

56

8

4

Getting
better

Getting
worse

SAME
(vol.)

No
opinion

2000

(NA) 2000 Dec 2-4

39

48

8

5

(NA) 2000 Nov 13-15

50

38

9

3

(NA) 2000 Oct 6-9

54

34

10

2

(NA) 2000 Aug 18-19

60

26

10

4

(NA) 2000 Jul 25-26

58

29

9

4

(NA) 2000 May 18-21

52

37

9

2

1999

(NA) 2000 Jan 7-10

69

23

6

2

(NA) 1999 Oct 21-24

52

34

11

3

(NA) 1999 Sep 10-14

59

29

9

3

(NA) 1999 Aug 24-26

54

31

12

3

1998

(NA) 1999 Jun 4-5

60

27

9

4

(NA) 1999 Jan 15-17

63

28

6

3

(NA) 1998 Dec 4-6

52

38

8

2

(NA) 1998 Oct 29-Nov 1

51

38

8

3

(NA) 1998 Sep 1

45

41

11

3

(NA) 1997 Dec 18-21

49

39

8

4

(NA) 1997 Nov 6-9

51

37

9

3

(NA) 1997 May 6-7

50

40

7

3

(NA) 1997 Jan 31-Feb 2

46

39

12

3

1996

(NA) 1996 Oct 26-29

50

38

7

5

(RV) 1996 Aug 30-Sep 1

52

37

8

3

(NA) 1996 Jul 18-21

43

46

9

2

(NA) 1996 May 9-12

39

49

9

3

1992

(RV) 1992 Aug 31-Sep 2

29

59

10

2

(RV) 1992 Aug 10-12

24

65

10

1

(RV) 1992 Jun 12-14

28

61

9

2

(RV) 1992 Apr 9-12

40

45

13

2

(RV) 1992 Mar 20-22

37

51

11

1

(RV) 1992 Jan 31-Feb 1

22

70

7

1

(NA) 1992 Jan 3-6

22

71

6

1

1991

(NA) 1991 Dec 5-8

19

69

9

3

(NA) 1991 Sep 5-8

27

60

10

3

(NA) 1991 Jul 11-14

34

51

9

6

Q.9/Q.10 CONTINUED

ECONOMIC OUTLOOK GROUPS (COMBINED RESPONSES)


Positive


Mixed


Negative

Undesig-nated

%

%

%

%

2003

2003 Jan 13-16

14

29

54

3

2002

2002 Dec 19-22

17

26

54

3

2002 Dec 5-8

17

27

53

3

2002 Nov 22-24

22

29

48

1

2002 Oct 31-Nov 3

20

27

49

4

2002 Oct 3-6

16

25

55

4

2002 Sep 23-26

20

21

53

6

2002 Sep 5-8

16

29

53

2

2002 Aug 19-21

19

26

51

4

2002 Aug 5-8

16

30

50

4

2002 Jul 29-31

22

30

45

3

2002 Jul 22-24

16

24

55

5

2002 Jul 9-11

16

29

52

3

2002 Jun 17-19

30

27

40

3

2002 Jun 3-6

29

29

39

3

2002 May 20-22

33

28

36

3

2002 May 6-9

28

32

37

3

2002 Apr 22-24

32

31

34

3

2002 Apr 8-11

30

32

35

3

2002 Mar 4-7

26

36

35

3

2002 Feb 4-6

19

31

47

3

2002 Jan 7-9

21

37

40

2

2001

2001 Dec 6-9

20

35

42

3

2001 Nov 8-11

17

29

50

4

2001 Oct 11-14

21

33

43

3

2001 Sep 14-15

23

29

43

5

2001 Sep 7-10

15

24

59

2

2001 Aug 16-19

20

27

50

3

2001 Jul 19-22

25

29

42

4

2001 Jun 11-17

22

28

45

5

2001 May 10-14

20

28

49

3

2001 Apr 6-8

21

30

44

5

2001 Mar 5-7

22

33

41

4

2001 Feb 1-4

22

33

42

3

2001 Jan 10-14

30

40

26

4


Positive


Mixed


Negative

Undesig-nated

2000

2000 Dec 2-4

36

35

25

4

2000 Nov 13-15

47

32

18

3

2000 Oct 6-9

51

28

18

3

2000 Aug 18-19

60

21

15

4

2000 Jul 25-26

57

23

16

4

2000 May 18-21

48

28

21

3

2000 Jan 7-10

61

21

15

3

1999

1999 Oct 21-24

50

24

23

3

1999 Sep 10-14

55

22

19

4

1999 Aug 24-26

48

28

21

3

1999 Jun 4-5

59

20

17

4

1999 Jan 15-17

54

26

17

3

1998

1998 Dec 4-6

47

28

23

2

1998 Oct 29-Nov 1

47

27

22

4

1998 Sep 1

45

27

24

4

1998 Mar 20-22

59

21

18

2

1997

1997 Dec 18-21

36

28

31

5

1997 Nov 6-9

46

23

28

3

1997 May 6-7

38

23

36

3

1997 Jan 31-Feb 2

33

24

40

3

1996

1996 Oct 26-29

37

25

33

5

1996 Aug 30-Sep 1

31

29

36

4

1996 July 18-21

32

25

40

3

1996 May 9-12

22

28

47

3

1992

1992 Aug 31-Sep 2

7

25

66

2

1992 Jun 12-14

8

25

65

2

Over the next six months, do you think that each of the following will -- [ROTATED: go up a lot, go up a little, remain the same, go down a little, (or) go down a lot]? How about -- [RANDOM ORDER]?

A. The Stock Market

 


Go up a lot


Go up a little


Remain same

Go down a little

Go down a lot


No opinion


Total UP


Total DOWN

%

%

%

%

%

%

%

%

2003 Jan 13-16

7

33

24

21

9

6

40

30

2002 Nov 11-14

7

31

23

22

9

8

38

31

2002 Aug 5-8

8

34

16

23

11

8

42

34

2002 Jul 9-11

4

25

21

29

14

7

29

43

2002 Jun 3-6

6

37

22

19

7

9

43

26

2002 May 6-9

7

39

25

14

6

9

46

20

2002 Apr 8-11

8

37

23

20

6

6

45

26

2002 Mar 4-7

9

47

20

13

6

5

56

19

2002 Feb 4-6

7

36

23

20

8

6

43

28

2002 Jan 7-9

9

44

22

15

4

6

53

19

2001 Dec 6-9

9

42

21

17

6

5

51

23

2001 Nov 8-11

8

34

23

22

8

5

42

30

2001 Oct 11-14

10

36

19

22

8

5

46

30



B. Interest Rates

 


Go up
a lot


Go up
a little


Remain same

Go down
a little

Go down
a lot


No
opinion


Total
UP


Total DOWN

%

%

%

%

%

%

%

%

2003 Jan 13-16

10

31

37

17

3

2

41

20

2002 Nov 11-14

9

28

37

19

3

4

37

22

2002 Aug 5-8

10

31

32

21

3

3

41

24

2002 Jul 9-11

11

29

38

16

3

3

40

19

2002 Jun 3-6

12

42

30

10

2

4

54

12

2002 May 6-9

14

39

34

9

2

2

53

11

2002 Apr 8-11

13

46

24

12

2

3

59

14

2002 Jan 7-9

8

35

30

21

3

3

43

24

2001 Dec 6-9

8

29

34

23

5

1

37

28

2001 Nov 8-11

7

19

32

34

7

1

26

41

2001 Oct 11-14

7

18

29

35

9

2

25

44



C. Inflation

 


Go up
a lot


Go up
a little


Remain same

Go down
a little

Go down
a lot


No
opinion


Total
UP


Total DOWN

%

%

%

%

%

%

%

%

2003 Jan 13-16

16

33

35

9

3

4

49

12

2002 Nov 11-14

14

35

36

8

2

5

49

10

2002 Aug 5-8

15

36

33

9

2

5

51

11

2002 Jul 9-11

17

38

31

8

2

4

55

10

2002 Jun 3-6

14

43

29

9

2

3

57

11

2002 May 6-9

15

39

33

9

2

2

54

11

2002 Apr 8-11

17

41

29

8

2

3

58

10

2002 Jan 7-9

13

36

34

12

3

2

49

15

2001 Dec 6-9

11

37

33

14

3

2

48

17

2001 Nov 8-11

12

35

31

16

3

3

47

19

2001 Oct 11-14

12

33

33

14

4

4

45

18



D. Economic Growth

 


Go up
a lot


Go up
a little


Remain same

Go down
a little

Go down
a lot


No
opinion


Total
UP


Total DOWN

%

%

%

%

%

%

%

%

2003 Jan 13-16

7

39

22

23

7

2

46

30

2002 Nov 11-14

6

37

29

18

5

5

43

23

2002 Aug 5-8

6

38

27

21

6

2

44

27

2002 Jul 9-11

7

37

26

21

6

3

44

27

2002 Jun 3-6

5

50

24

14

3

4

55

17

2002 May 6-9

7

47

27

12

4

3

54

16

2002 Apr 8-11

9

48

23

13

5

2

57

18

2002 Mar 4-7

9

52

19

14

4

2

61

18

2002 Feb 4-6

7

44

23

18

6

2

51

24

2002 Jan 7-9

6

47

25

15

5

2

53

20

2001 Dec 6-9

8

41

25

18

5

3

49

23

2001 Nov 8-11

6

33

26

26

6

3

39

32

2001 Oct 11-14

6

31

29

24

8

2

37

32



E. Unemployment

 


Go up
a lot


Go up
a little


Remain same

Go down
a little

Go down
a lot


No
opinion


Total
UP


Total DOWN

%

%

%

%

%

%

%

%

2003 Jan 13-16

19

29

16

26

9

1

48

35

2002 Nov 11-14

17

30

22

21

7

3

47

28

2002 Aug 5-8

16

29

23

22

7

3

45

29

2002 Jul 9-11

19

28

22

24

6

1

47

30

2002 Jun 3-6

14

32

22

25

5

2

46

30

2002 May 6-9

15

31

22

24

7

1

46

31

2002 Apr 8-11

19

28

20

25

7

1

47

32

2002 Mar 4-7

13

30

18

30

8

1

43

38

2002 Feb 4-6

12

31

17

29

10

1

43

39

2002 Jan 7-9

16

30

18

26

9

1

46

35

2001 Dec 6-9

18

30

17

24

10

1

48

34

2001 Nov 8-11

21

31

13

23

11

1

52

34

2001 Oct 11-14

20

31

15

20

13

1

51

33



SUMMARY TABLE: NATIONAL ECONOMIC OUTLOOK

 

2003 Jan 13-16
(sorted by "total go up")

Total
go up

Remain
the same

Total
go down

%

%

%

Inflation

49

35

12

Unemployment

48

16

35

Economic growth

46

22

30

Interest rates

41

37

20

Stock market

40

24

30



* -- Less than 0.5%


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