A new poll finds that nearly half of Americans expect the economy to worsen next year, a sharper decline than the year before.

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According to Associated Press-NORC Center for Public Affairs ResearchOf course, 47 percent of Americans say they expect the economy to decline within the next year, while 30 percent believe it will get better. In an AP-NORC survey conducted in February and March, Americans were more optimistic, with 44 percent expecting the economy to grow and 32 percent saying they believed it would get worse.

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The cost of goods has been rising nationwide, in particular gas prices, which have risen steadily throughout the year. In the global supply chain, longer operating times and accumulation have made shopping more difficult for consumers, with the US Department of Labor reporting that consumer prices rose 5.4 percent from the previous year.

American sentiment towards the economy may also be due to President Joe Biden’s acceptance of his policies.

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Joseph Binkley, 34, of Indiana, told the AP he supports Biden’s economics.

“The first years of a presidency are dealing with the policies of the predecessor. I think Biden is having to work through the problems of the previous administration,” Binkley said.

The AP-NORC poll shows a majority of Americans (58 percent) disapprove of Biden’s handling of the economy, with 41 percent saying they accept it.

For more reporting from the Associated Press, see below.

Earlier this year, 70 percent of Democrats said they expected the economy to improve. Now, just 51 percent do. And the share of Republicans who think the economy will get worse has risen to 74 percent from 59 percent earlier in the year.

Despite the decline in Americans’ economic outlook, the survey found they remain relatively optimistic about their financial conditions. The survey found that 65 percent of Americans say their personal financial situation is good, a number that has remained stable since before the pandemic began. Still, 24 percent say they think their personal financial situation will worsen next year, up from 13 percent earlier this year.

The survey also shows that the pandemic has helped improve workers’ bargaining power: 36 percent of Americans are very or highly convinced they can get a good job if they want to. In March 2020, 25 percent said so and in June of 2019, 30 percent said so. Another 35 percent say they are at least somewhat confident.

Nearly half of Americans, 49 percent, now say they are highly confident they can pay an unexpected $1,000 bill, up from 36 percent in March of 2020 and 40 percent in June of 2019.

The AP-NORC poll of 1,083 adults was conducted October 21–25 using a sample drawn from NORC’s probability-based AmeriSpeak panel, which is designed to be representative of the US population. The margin of sample error is plus or minus 4 percentage points for all respondents.