A whopping 76% believe America's economy is in poor condition, according to a new poll.
Only 24% indicated the economy was in good shape, which is down from 30% in April, illustrating an increasingly pessimistic outlook on the country's state of affairs, an Associated Press-NORC Center for Public Affairs Research survey reported.
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Views of the economy differed by political persuasion, with 41% of Democrats deeming its condition positive compared to only 7% of Republicans, per the poll. Overall, only 21% of adults feel the country is going in the right direction, including 36% of Democrats and 7% of Republicans.
President Joe Biden scored a 40% approval rating overall, with 75% of Democrats favoring his performance compared to 5% of Republicans.
On the economy, Biden has 33% approval to 66% disapproval in the poll. Among Democrats, that surges to 61% approve / 38% disapprove, while among Republicans, only 6% approve and 94% disapprove.
Over recent weeks, Biden has seen some favorable economic news. The latest unemployment rate rang in at 3.4%, which is tied for the lowest rate since 1969. Meanwhile, inflation cooled to 4.9% for the year ending in April.
However, inflation remains at elevated levels, and there have been lingering concerns about the banking sector. Earlier this month, regulators seized First Republic Bank, which sold most of its assets to JPMorgan Chase, marking the largest bank failure since the 2008 financial crisis.
Faith in major financial institutions and banks hovered around 11% in the poll, down from 22% in September.
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The survey was conducted from May 11 to May 15 among 1,680 adults with a margin of error of plus or minus 3.4 percentage points.
Findings in the survey appear to correlate with other polling on Americans' outlook on the economy and Biden. The president's approval rating stands at 41.4% approval to 53.8% disapproval in the latest RealClearPolitics aggregate.