Economic confidence plummeted in October, partially reversing the rise in confidence seen over the previous three months, according to the latest Gallup poll.
Gallup’s economic confidence index fell to minus 45, the lowest since July. A month earlier, it had fallen to minus 39, the third consecutive month of gains.
The index hit a June low of minus 58.
The all-time low was minus 72 in 2008.
Before the pandemic, the economic confidence index was a positive 41 in February 2020. It quickly dipped to minus 32 in April. The index briefly moved into positive single-digit territory in the spring of 2021, only to fall back again due to inflation fears.
The latest slide likely reflects fears of a recession next year. The government said inflation fell in October to an annual rate of 7.7%.