A majority of voters think the U.S. economy is on the wrong track, according to a new poll, as the Federal Reserve appears likely to lower interest rates this month after months of holding steady.
The Harvard CAPS-Harris poll showed 63 percent of respondents said the economy is on the wrong track, while 30 percent said it’s on the right track and 8 percent said they’re not sure.
Opinions were split along partisan lines, with 54 percent of Democrats saying the economy is going in the right direction but only 9 percent of Republicans saying the same. The poll found 23 percent of independents said it’s on the right track.
The overall number is about in line with where it’s been throughout much of the past couple years. The overall approval and partisan sentiments are a few points lower than they were in the spring.
“Discontent with the economy has been present during most of [President] Biden’s term and shows no signs of changing,” said Mark Penn, the co-director of the poll. “Nearly half see their personal economic situation as deteriorating and high prices are seen as sticky.”
Pollsters found 62 percent of respondents said the economy is weak, while 38 percent said it is strong.
Past polls show a majority of the country has consistently said the economy is not on the right track since the start of the COVID-19 pandemic in early 2020, with a brief exception of a few months in early 2021.
A plurality of 48 percent said their personal financial situation is getting worse, while 26 percent each said it is getting better and staying the same.
Throughout the presidential race, former President Trump has slammed the Biden administration, including Vice President Harris, over the state of the economy and rise in prices since he left office. Biden and Harris have pointed to inflation significantly dropping over the past year, while acknowledging that costs still need to come down more.
The Federal Reserve appears likely to lower interest rates this month after more than a year of holding at a 23-year high of 5.25 to 5.5 percent. Chair Jerome Powell said last month that “the time has come” for a decrease in interest rates amid slowing job growth.
The U.S. did still add 142,000 jobs in August as the unemployment rate ticked down to 4.2 percent, lessening worries of a wider economic downturn.
The Harvard CAPS-Harris Poll survey was conducted from Sept. 4 to 5 and surveyed 2,358 registered voters. It is a collaboration of the Center for American Political Studies at Harvard University and the Harris Poll.
The survey is an online sample drawn from the Harris Panel and weighted to reflect known demographics. The margin of error was 2.1 points.
