President Donald Trump’s economic approval rating has fallen to the lowest point of either of his two terms, according to the latest CNBC All-America Economic Survey.
Eight out of ten Americans now rate the economy as fair or poor, the highest figure recorded since December 2023, painting a bleak picture for Republican candidates heading into the midterm.
Overall, 63% of the public is pessimistic about the current state of the economy and the outlook, up one percentage point from the July survey, with the gloom spreading even into Republican ranks.
Notably, 35% of Republicans now express economic pessimism, up six points from July and the highest level recorded among Republicans during either of Trump’s two terms.
“We got there not because of independents or Democrats getting more sour — it’s because Republicans have,” said Micah Roberts, partner at Public Opinion Strategies, the Republican pollster for the survey.
Roberts added that since Trump became president, Republicans “have held on to a small margin saying that the current economy is either excellent or good,” but noted that “now that has kind of broken and changed.”
The survey of 1,000 registered voters nationwide, carrying a margin of error of plus or minus 3.1%, found Americans preferring Democratic control of Congress by a 52% to 45% margin.
That seven-point Democratic edge represents a three-point gain for Democrats compared to the July survey, adding further pressure on Republican campaign strategists with little time remaining before polling day.
Trump’s economic approval fell to 34% from 38% in just three months, while disapproval climbed to 65% from 60%, producing a net economic approval rating of negative 31 percentage points.
The 65% disapproval figure is one percentage point higher than former President Joe Biden’s worst showing and the highest recorded for any president in CNBC’s survey history going back to President Barack Obama.
Trump’s overall approval rating has held relatively steady at 40% approving and 59% disapproving, giving him a net approval of negative 19 points compared with negative 8 a year ago.
The survey also found 72% of Democrats highly interested in the upcoming midterm election, compared with just 62% of Republicans, suggesting an enthusiasm gap that could affect turnout significantly.
Women are ten percentage points more interested in the election than men and prefer Democratic control of Congress by 22 points, while independents favour Democrats by a wide 49% to 33% margin.
Government corruption was identified as the top concern by 36% of respondents, with Democrats holding a four-point lead on the issue over Republicans heading into the final stretch of campaigning.
On the cost of food and groceries, the second most important issue cited by voters, the Democratic lead widened sharply to positive 16 from positive 7 recorded in the July survey.
Jay Campbell, partner at Hart Associates and the Democratic pollster for the survey, said the data showed “things moving either away from Republicans or toward Democrats” in ways that would make him “very nervous” leading Republican campaigns into the final two weeks.
Campbell stopped short of predicting a sweeping shift, saying, “This looks like a return to the mean — young voters and voters of color returning to the Democratic fold, bolstered by independents being fed up with Trumpenomics.”
Roberts described the contest as a battle between “the map and momentum,” cautioning that a big Democratic wave would require flipping many districts and states that Trump won comfortably just two years ago.
Public scepticism over the Iran military action has also grown, with just 46% now believing it was worth it to disrupt nuclear development, down from a 53% majority recorded in April.
Taken together, concern about the cost of food, gas, and housing represents the top worry for 57% of respondents, with 80% saying prices are rising, up five percentage points from a year ago.