70 Percent of Americans Think Economy is in Poor Shape Amid COVID-19 Pandemic, Poll Suggests

The majority of Americans think that the national economy is in poor condition as the COVID-19 pandemic and its tendrils reach every market and job nationwide, a new poll has suggested. With states across the country beginning to reopen, the poll indicates that many are suffering financially as a result of the crisis.

The Associated Press-NORC Center for Public Affairs Research survey suggests that 70 percent of Americans believe the the economy is in poor shape. The same pollsters found this figure to be 71 percent in April, but only 33 percent in January this year, before the coronavirus outbreak had become widespread in the country.

It is also apparent that many Americans are feeling the effects of the economic slowdown. The poll suggests that 49 percent of Americans have lost income, or live in a household with someone else who has. This loss of income could be the result of being laid off-off or being forced to accept a reduced salary, among other factors.

Furthermore, 25 percent say that they have been unable to pay a credit card bill, make a housing payment, or pay another type of bill, according to the poll.

Americans who earn below $50,000 a year appear to be the worst-hit by the pandemic when it comes to paying bills, the poll suggests.

Among those individuals who say that they or someone else in their household has been laid off, 30 percent do not expect themselves or the other individual to get their job back. Meanwhile, 65 percent think there is a chance of themselves or the other person getting the job back. And 5 percent say that they or the other individual have already been rehired.

Ocean City, Maryland
People enjoy the boardwalk during the Memorial Day holiday weekend amid the coronavirus pandemic on May 23, 2020 in Ocean City, Maryland. ALEX EDELMAN/AFP via Getty Images

Despite the concern over the economy, 66 percent say that the financial health of their household is still good, with 37 percent expecting that their finances will either stay the same or improve this year.

President Donald Trump's approval ratings regarding his handling of the economy have fallen to their lowest levels in months. However, the survey indicates that 49 percent of Americans still approve of how he has managed the economy during the crisis.

The poll also revealed people's concerns about coming into contact with others where crowds are likely.

Of those who used public transportation; went to the movies, concerts or the theater; or attended a sporting event at least once a month prior before lockdown, only 14 percent, 26 percent and 19 percent respectively would do so in the next few weeks if allowed to by their local authorities, the poll suggests.

Visiting friends and family, getting a haircut and going shopping for essential items appear to be the priorities for many Americans, according to the poll.

The nationwide survey was conducted by The Associated Press-NORC Center for Public Affairs Research. In total, the poll involved 1,056 randomly selected adults, from a panel that is designed to be representative of the U.S. population, who provided responses on online and through telephone interviews.

The authors of the poll say that the margin of sampling error for all respondents is plus or minus 4.2 percentage points.