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Highlights of history
- The average positive rating across 25 industries is 36%, a record low of 34%.
- The positive rating of the grocery industry dropped 14 points.
- No business sectors will show significant positive growth from 2021 onwards.
WASHINGTON, DC – Americans’ average positive rating of 25 business and industrial sectors that drive the nation’s economy has fallen to its lowest level since the Great Depression. The latest average positive reading of 36% represents a nine-percentage-point decline from 2020, including a three-point increase over the past year. These declines coincide with low levels of Americans’ confidence in the country’s institutions and the economy amid struggles with high inflation.
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Every year since 2001, Gallup has asked Americans to rate 24 or 25 different business sectors and industries on a five-point scale from “very positive” to “very negative.” The current reading of 36% represents an average of “very” and “somewhat” positive ratings across all sectors from Gallup’s Aug. 1-23 jobs and education poll. In the year While the lowest level was 34% in 2008, the highest was 49% in 2017.
Overall levels are fairly stable
The restaurant (60%) and agriculture/agriculture (57%) industries are the only sectors with a majority positive rating. At the other extreme, three entities have overwhelmingly negative ratings: the oil/gas (62%) and pharmaceutical (58%) industries, and the federal government (58%).
This year, the level of three industries has decreased significantly. The grocery industry is down 14 points to 40% positive, real estate is down nine points to 34%, and advertising/public relations is down eight points to 26%, a record low for that industry.
More negative ratings for the grocery and real estate industries indicate that the cost of food and housing are rising sharply, making both more affordable for people. Rising gas prices The oil and gas industry’s weak levels are the worst since 2012, although most of the decline in oil and gas levels occurred last year, when gas prices began to rise rapidly.
While not much changed last year, several other business sectors are down just one or two percentage points – the computer, film, pharmaceutical and publishing industries are all down.
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Agriculture and farming has been the top-ranked sector since 2016, and the restaurant industry has been at or near the top of the list in most years since 2001. The most positively rated computer industry in history has collapsed. In recent years. Similarly, the grocery industry has historically been one of the highest-rated industries, but it fell down this year, just as it did in 2008.
Meanwhile, the federal government has been the lowest-paying industry every year since 2014, and at 25% this year, it’s essentially tied for the lowest spot with the oil and gas industry (22%). Before 2014, the oil and gas industry was often rated worst. The rating, while currently low, is more than 15 percent above the low readings recorded in 2006 and 2008, when gas prices were high.
Republicans’ average ratings are flat, Democrats’ down.
While last year’s decline in overall positivity toward the business sector was largely driven by worsening ratings among Republicans and Republican-leaning libertarians, this year’s deficit is for Democrats and Democratic-leaning libertarians. Democrats’ recent average rating of 39% is down seven points from last year. While it’s down significantly, it’s still 33 percent higher than the Democrats’ record in 2008.
Republicans’ decline in positive industry ratings last year appears to be tied to their party’s loss of control of the White House, and was greater than any previous fall. The current average rating of 31% for Republicans is unchanged from last year and the lowest for that party by one point.
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The largest partisan gaps in positive ratings are for industries that Democrats rate better than Republicans. These are the federal government (31 points), the film industry (24 points), the education and publishing industries (19 points each), and the television and radio industry (18 points).
at last
In 2017, consumer confidence in US industrial sectors has been on the rise over the past few years, with the average positive rating for leading US business sectors reaching 49% in 2017. which occur before the epidemic. The grocery, real estate, auto, education, and oil and gas industries have fallen sharply — especially since the pandemic hit.
Of these, the grocery, real estate and advertising industries had the highest scores last year, likely reflecting public sentiment on inflation. Last year’s slump owed much to Republicans. But with Republicans’ average industry ratings so low, Democrats had plenty of room to fall this year, and they did.
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