Saturday, June 25

Americans lose confidence in economic recovery due to Delta variant of Covid-19

The high contagion of Covid-19 caused by the Delta variant, has undermined the confidence of Americans in the incipient economic recovery.

Photo: Burak Kebab / Pexels

A poll published by Gallup reveals that the Americans’ confidence in the economy is detrimental, as the highly contagious Delta variant fuels a rise in Covid-19 across the country, Fox Business published.

The August Gallup poll found that the 60% of respondents think the economy is getting worse, against 37% who think that it is improving. In contrast, in July, about 54% of Americans thought the economic outlook was deteriorating, while 41% believed the opposite.

The latest poll from Gallup’s Economic Confidence Index, which summarizes citizens’ views of the economy, fell from -6 to -12, the same level as in February.

Although the record of -12 is low, it is still better than the low reached of -33, at the height of the pandemic. Either way, it’s still a long way from the +41 it was at in February 2020, before the coronavirus unleashed the deepest and shortest recession in U.S. history.

To clarify the parameters it is convenient to know that the Gallup manometer is measured on a scale from -100 to +100.

The study also showed that there was a partisan divide as to whether or not Americans think the economic outlook was improving. Confidence dropped for Republicans and independents in August, but not for Democrats.

The deterioration in confidence appears to be related to the increase in new cases of Covid-19, which has shaken markets and raised concerns among investors that the increase in infections could lead to new lockdowns and a slower economic recovery.

The August poll showed that the percentage of respondents who consider that Covid-19 is the main problem facing the country, almost doubled, while 26% identified it as their biggest concern.

The United States was making solid progress in its vaccination program and infections were beginning to decline, but cases have risen again as the Delta variant has spread among the unvaccinated population. The U.S. is reporting an average of 152,000 new cases a day in the past seven days, compared to the 11,000 seven-day average in June, according to the Centers for Disease Control and Prevention.

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