Most Americans continue to rate the U.S. economy negatively as partisan gap widens

U.S. adults’ ratings of the national economy continue to be more negative than positive: 26% now say economic conditions are excellent or good, while 74% say they are only fair or poor.

These overall ratings are mostly unchanged during the past three years. But Republicans and Democrats have shifted considerably over this period:

• 44% of Republicans and Republican-leaning independents now rate the economy as excellent or good – up 8 percentage points from April. This is Republicans’ most positive assessment since President Donald Trump’s first administration.
• 10% of Democrats and Democratic leaners now say the economy is in excellent or good shape – unchanged since April, but considerably lower than throughout Joe Biden’s presidency.

Around three-quarters of Americans (74%) describe economic conditions as only fair or poor – similar to the 72% who said this in January 2024. That includes 56% of Republicans and 90% of Democrats, according to a new survey by Pew Research Center, conducted Sept. 22-28 among 3,445 U.S. adults.

How we did this

Pew Research Center conducted this study to assess American’s views of the economy. For this analysis, we surveyed 3,445 U.S. adults from Sept. 22 to 28, 2025. Everyone who took part in this survey is a member of the Center’s American Trends Panel (ATP), a group of people recruited through national, random sampling of residential addresses who have agreed to take surveys regularly. This kind of recruitment gives nearly all U.S. adults a chance of selection.

Interviews were conducted either online or by telephone with a live interviewer. The survey is weighted to be representative of the U.S. adult population by gender, race, ethnicity, partisan affiliation, education, presidential vote (among voters) and other factors. Read more about the ATP’s methodology.

Here are the questions used for this analysis, the topline and the survey methodology.

What’s behind Americans’ assessments of the economy?

Both in our new survey and in the January 2024 survey, we asked respondents in an open-ended question to explain why they rate economic conditions the way they do.

As in 2024, many Americans point toward rising prices and personal expenses (a total of 42% cite this today) as a reason for their negative assessments. This includes issues like high inflation (17%), the cost of living (9%), food and grocery prices (6%), as well as costs of other specific goods and services.

Other factors are more commonly cited today. For example, 16% cite Trump or the GOP as reasons they rate economic conditions as only fair or poor. In 2024, just 6% cited Biden or Democrats. In addition, 12% of respondents specifically point to the negative impacts of tariffs as a reason for their fair or poor evaluation.

Among the much smaller share of respondents who rate economic conditions as excellent or good, most say general economic growth or improvement (22%) is the reason for their positive assessment.

Compared with 2024, far fewer now cite low unemployment as a reason why they view the national economy as excellent or good: just 5% cite this today, versus 43% in 2024.

How do Americans view Trump’s economic policies?

About half of Americans (53%) say that, since taking office, Trump’s economic policies have made economic conditions worse. About a quarter say that his policies have made economic conditions better (24%), and 22% say his policies have not had much effect.

Among Republicans

• 47% say Trump’s policies have made economic conditions better, while 19% say they have made the economy worse.
• A third say the president’s policies have not had much effect on economic conditions.

Among Democrats

• Very few (3%) say the president’s economic policies have made conditions better.
• Far more (87%) say his economic policies have made conditions worse.

What are Americans’ expectations about the future of the economy?

Around three-in-ten Americans (29%) say economic conditions in the country will be better a year from now. That’s down from 36% in April and 40% in February.

By comparison, 46% expect national economic conditions to be worse a year from now. That’s on par with April (45%) but up 9 percentage points since February (37%).

These changes are primarily driven by decreasing optimism among Republicans – even as Republicans remain much more likely than Democrats to describe current economic conditions in positive terms.

Among Republicans

• 55% say economic conditions will be better a year from now, down from 65% in April.
• 19% say conditions will be worse, similar to the share who said this in April (15%).

Among Democrats

• 6% say conditions will be better a year from now; 8% said this in April.
• 73% say conditions will be worse; 74% said this in April.

What are Americans’ top economic concerns today?

Americans continue to be highly concerned about the price of food and consumer goods, as well as housing costs:

• 65% say they are very concerned about the price of food and consumer goods.
• Nearly as many (61%) express this level of concern about the cost of housing today.

At least four-in-ten Americans say they are very concerned about the price of gasoline and energy (45%) and people who want to work being unable to find jobs (42%).

About two-in-ten (19%) say they are very concerned about how the stock market is doing. Concerns about the stock market are considerably less than when the question was last asked in April. The April survey was fielded shortly after the Trump administration’s announcements of tariffs triggered several days of volatility in U.S. and global stock markets.

On every economic issue asked about in the survey, Democrats are more concerned than Republicans. By contrast, during the Biden administration, Republicans were more likely than Democrats to express concern about the price of consumer goods, energy and the stock market.

Note: Here are the questions used for this analysis, the topline and the survey methodology.