KUALA LUMPUR (May 8): Public confidence in key US leaders' management of the national economy is shaken amid the highest inflation rate in more than 40 years and Americans' increasingly bleak assessments of the national economy and their own financial situations.

A poll released by Gallup last week (May 2) showed less than half of US adults say they have "a great deal" or "a fair amount" of confidence in Federal Reserve Chairman Jerome Powell (43%) or President Joe Biden (40%), as well as Republican (40%) and Democratic (38%) leaders in Congress, to do or recommend the right thing for the economy.

Gallup said since the US inflation rate has more than doubled since last April, Americans' confidence ratings for Biden's and Powell's economic management declined by double digits.

It said confidence in Democratic congressional leaders had also fallen sharply and was now statistically similar to that of Republican congressional leaders, which is essentially unchanged from last year.

Gallup said since 2001, US presidents have averaged a 52% confidence rate for their skill in recommending the right thing for the economy.

It said in Biden's first year in office, he earned a 57% confidence rating but this year's 40% is on the low end for recent presidents.

The pollster said although his handling of the nation's economy was a strength for Donald Trump, the public's confidence in his abilities on it was below average, ranging from 42% to 48%.

It said Barack Obama fared better than Trump.

His confidence ratings were at least 50% in each year except for one — 42% in 2014, and he earned a 71% rating in his first year in office.

George W. Bush began his presidency inspiring similarly high confidence but by the end of his term, amid the Great Recession, just 34% of Americans expressed confidence in his economic abilities.