More than two-thirds of Americans believe the U.S. economy is deteriorating, the highest level since 2008, a poll conducted jointly by ABC News/Ipsos showed on Sunday.

The poll finds that 69 percent of respondents consider the U.S. economy is worsening, compared to just 12 percent who believe it is improving and 18 percent who believe it's unchanged.

The survey also finds that U.S. President Joe Biden's approval rating on several key issues remains overwhelmingly negative.

Only 37 percent of respondents said they approve of the way Biden is handling the economy, unchanged since June, whereas 62 percent is disapproving.

The president's approval ratings are even worse when it comes to inflation which is stubbornly high. Only 29 percent of Americans said they approve of Biden's approach to inflation, versus 69 percent disapprove.

The U.S. economy contracted for a second straight quarter between April and June this year, which meets the standard definition of a recession.

The poll is based on a national sample of 665 adults age 18 or older.

Although President Biden said recently he had made "significant progress" in an effort to "rebuild the Middle Class" and also an official report released last week showed employers hired hundreds of thousands more workers last month than expected, a growing number of economists and Wall Street firms forecast an economic downturn this year or next. They claim that a recession is under way.

Normally speaking, bad economy is not only hurting American public interest, but also effecting President Biden and his party's prospects, because more democrats will lose in the mid-term congressional election in early November.