Gallup and Old Dominion University Report Declines in Consumer Sentiment and Regional…

A recent Gallup survey found that 72% of respondents believed the national economic outlook was worsening, with consumer sentiment in September being lower than any point during the Great Recession of 2007-2009. Separately, Old Dominion University reported that 42.8% of Hampton Roads residents rated economic conditions as “excellent or good” in 2026, an 8.5 percentage point decline from 2025. The regional report also noted that the number of jobs and working or job-seeking residents in Hampton Roads declined in 2025 and 2026.

The reports indicate persistent inflation, which is described as a regressive tax, and a slowing labor market. The decline in consumer confidence nationally and regionally suggests potential pressure on demand and economic growth. Inflation is also expected to rise in the coming months due to energy price pressures flowing through supply chains.