(The Center Square) – Americans are less confident about the economy, according to a new survey.

Gallup’s recently released economic confidence rating dropped from March to April as inflation remains elevated. Just after the polling was conducted from April 1-22, the federal government released underperforming Gross Domestic Product data.

“This is the first time in five months that confidence has not seen a marginal improvement, and the first decline in economic confidence in the past seven months,” Gallup said.

Similarly, the federal Consumer Price Index showed a 0.4% increase in prices.

Gallup polling also found that inflation is a top concern for Americans, with 55% saying they worry “a great deal” about inflation.

As The Center Square previously reported, recent GDP data reported growth at an annual rate of only 1.6% in the first quarter of 2024, well below what experts had projected and lower than the 3.4% growth from the previous quarter at the end of 2023.

According to Gallup, the results could have significant political implications.

“​​Today’s -29 ECI score is closer to what it was in mid-1992 (-37), when incumbent president George H.W. Bush lost the election in a campaign dominated largely by economic concerns,” Gallup said. “When Donald Trump was defeated for a second term in 2020, evaluations of the economy were mostly neutral, at -4 (in October). Economic confidence ratings were neutral in October 2004 (+1) and October 2012 (-1), when incumbents won reelection, and were positive in October 1996 (+23) when Bill Clinton won a second term.”