Inflation in the US is still higher than desired 0:56
New York (CNN Business) -
Nearly two-thirds of Americans view the economy as bad, according to a new survey that comes amid high inflation and supply chain disruptions.
The poll, released Monday by The Associated Press-NORC's Public Affairs Research Center, revealed that only 35% of Americans consider the national economy to be good.
This figure is down from 45% in September and similar to views in January and February, before most vaccines were widely available to most Americans.
65% of Americans who participated in the survey said the economy is in bad shape.
In another sign of pessimism, nearly half of Americans (47%) now expect the economy to get worse in the next year, compared with 30% who say it will improve, according to the AP poll.
This is a change in trend from February and March, when 44% of those surveyed expected the economy to improve and 32% to worsen.
Only 51% of Democrats in the AP poll expect the economy to improve, up from 70% at the beginning of the year.
Nearly three-quarters (74%) of Republicans expect the economy to worsen, up from 59% at the beginning of the year.
The results come at a time when inflation has become a more persistent problem than anticipated by economists, the Federal Reserve or the White House.
Consumer prices have risen 5% or more in each of the past five months, as supply struggles to meet demand.
Prices have skyrocketed across the board, from used cars and food to household appliances.
Inflation has been driven in part by severe strains in supply chains amid congestion at ports and shortages of raw materials, components and truck drivers.
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Gasoline prices have hit seven-year highs and home heating costs are expected to rise sharply this winter.
Nearly six out of 10 Americans in the AP poll, that's 58%, disapprove of President Joe Biden's management of the economy and 41% say they approve.
Despite these results, workers feel good about the job market.
The poll revealed that 36% of Americans are very or extremely confident that they can find a good job if they want to, up from 25% in March 2020. Another 35% say they have at least some confidence in finding a good job .
A record number of Americans quit their jobs in August and many companies are struggling to fill their vacancies.
Price increase supply chain Inflation