{"id":781,"date":"2026-05-29T10:06:29","date_gmt":"2026-05-29T10:06:29","guid":{"rendered":"https:\/\/hometransferguide.com\/?p=781"},"modified":"2026-05-29T10:06:29","modified_gmt":"2026-05-29T10:06:29","slug":"first-quarter-gdp-revised-downward-as-voters-fret-over-economy","status":"publish","type":"post","link":"https:\/\/hometransferguide.com\/?p=781","title":{"rendered":"First Quarter GDP Revised Downward As Voters Fret Over Economy"},"content":{"rendered":"
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<\/p>\n

The U.S. economy is faring worse than previously thought, according to a report released Thursday by the U.S. Bureau of Economic Analysis.<\/p>\n

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Real GDP only grew 1.6% during the first three months of the year, down from the 2% the government originally reported, according to the report. The 0.4 percentage point revision reflects \u201cdownward revisions to investment and consumer spending.\u201d<\/p>\n

This decline is accompanied by Americans\u2019 growing concern over the future of the economy.<\/p>\n

Gallup\u2019s Economic Confidence Index (ECI) for May dropped to -45, a seven-point decrease from its index in April, which is the lowest figure since October 2022.<\/p>\n

Only 16% of Americans describe economic conditions as \u201cexcellent or good,\u201d according to Gallup. Forty-nine percent rate conditions as poor. Seventy-six percent of U.S. adults say economic conditions are worsening \u2014 the highest number since the same 76% in May 2023. (RELATED: Voters Now Trust Democrats More Than GOP On Economy Due to Iran War)<\/strong><\/p>\n

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NEW YORK, NEW YORK \u2013 MAY 26: Stock market numbers are displayed on the floor of the New York Stock Exchange during morning trading on May 26, 2026 in New York City. (Photo by Michael M. Santiago\/Getty Images)<\/p>\n<\/div>\n

Voters\u2019 concern has increased across the board, according to Gallup.<\/p>\n

Republican\u2019s ECI score dropped to +22 points, the lowest recorded number for the party during President Donald Trump\u2019s second term. It is also a decrease of 33 points from where it stood in February. Democrats\u2019 score of -80 and Independents\u2019 score of -58 have also fallen to the lowest point since Trump returned to the White House.<\/p>\n

Americans are increasingly citing inflation and the high cost of living as the most important problem facing the country. Fifteen percent described this as the most important problem in the May poll, increasing from only 8% in February. Inflation now stands as the second most-cited problem, falling behind the government, which is the top-ranked issue at 26%.<\/p>\n

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Concern about gas prices has also risen, with 4% citing it as the nation\u2019s most important problem.<\/p>\n

Food and energy prices continue to rise with the ongoing Iran war. The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.6% on a seasonally adjusted basis in April after increasing 0.9% in March, according to the U.S. Bureau of Labor Statistics (BLS). The all-items index leapt 3.8% for the \u201c12 months ending April\u201d before seasonal adjustment.<\/p>\n

Gallup concluded that the economy was \u201cmarkedly darker than it was at the start of the year\u201d and seemed to be returning to 2022-level lows.<\/p>\n

Trump painted a different picture of the economy at a Cabinet meeting on Wednesday. He praised his administration\u2019s tax cuts, stock market records and 401K growth.<\/p>\n

\u201cWe passed the largest tax cuts in American history,\u201d Trump said.<\/p>\n

\u201cThe typical family got tax refunds of nearly almost close to $5,000,\u201d he added.<\/p>\n

Trump also referenced the stock market\u2019s \u201c68 all-time record highs\u201d since the election and claimed the average 401K has increased $30,000 since he took office.<\/p>\n

Editor\u2019s note: This piece was updated to correct an editing error on the all items index. The correct month was April, not March.<\/em><\/p>\n

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The U.S. economy is faring worse than previously thought, according to a government report released Thursday, and voters are concerned.<\/p>\n","protected":false},"author":1,"featured_media":780,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[200,1193,1194,81,1195],"class_list":["post-781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting","tag-economy","tag-gallup-polls","tag-gdp","tag-inflation","tag-voters"],"yoast_head":"\nFirst Quarter GDP Revised Downward As Voters Fret Over Economy - Home Transfer Guide<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hometransferguide.com\/?p=781\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Quarter GDP Revised Downward As Voters Fret Over Economy - 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