American adults are “unsettled” about the economy, according to poll results released Thursday by AP NORC. These results show that 70% of participants described the nation’s economy as “poor.”
While Democrats were more likely to have a negative view of the economy, with 80% describing it as poor, a significant percentage of Republicans (40%) also described it as poor. Nearly 1,150 participants were polled from Dec. 4 through this Monday.
It’s not the first poll that’s shown Americans souring on the way Trump is handling the economy. Late last month, Audacy reported on polling numbers from Gallup that showed a six point drop on his economic approval rating and a 12 point drop on his handling of the federal budget since October.
This Monday, Trump announced that his administration would distribute $12 billion in one-time payments to farmers who have suffered amid a trade war related to Trump’s controversial tariff policies. Audacy station WCCO News Talk in Minnesota reported this week that, even with this move, “farmers’ patience with Washington is wearing thin.”
“It’s a bridge. It’s not the ultimate solution we’re looking for,” said Charlie Radman – a fourth-generation farmer who grows corn and soybeans on the land his family has owned near Randolph, Minn., since 1899 – according to the station.
Throughout the country, from farms to cities, inflation is also a lingering issue. It rose to historic highs following COVID-19 pandemic disruptions. Though it has lowered from those record highs, inflation persists – the Bureau of Labor Statistics’ Consumer Price Index report said that prices increased 0.3% in September and 3% overall during the 12-month period leading up to September.
Along with inflation, a new Consumer Reports and Groundwork collective report covered by Audacy found that at least one major grocery delivery company is using artificial intelligence to conduct pricing experiments that might increase costs for necessities. In an effort to escape this economic pressure, Audacy reported that some Americans have decided to prioritize thrifting and recycling gifts this holiday season.
Unemployment rates were also higher in eight states this September, according to BLS data released Thursday. A Tuesday report indicated that separations (including quits, layoffs and discharges) were “little changed” in October. However, that figure comes in a year marked by a swath of government layoffs stemming from the Department of Government Efficiency (DOGE) initiative and other economic impacts from DOGE.
More evidence of the strained economy was revealed this week through a new analysis of Realtor.com data from Bankrate that showed 75% of homes on the U.S. housing market are unaffordable to the typical household. Experts have noted that this unbalanced housing market can have an impact on the broader economy, personal income and jobs.
Interest rates went up following the pandemic in an effort by the Federal Reserve Bank to bring down inflation. This too put pressure on Americans, as it made borrowing money more expensive, though rates have been slightly lowered. This Wednesday, the Federal Open Market Committee lowered the rates again.
“The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run. Uncertainty about the economic outlook remains elevated,” said a FOMC statement. “The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment rose in recent months.”
It also said: “Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up through September. More recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated.”
In addition to the farmers’ bailout, the Trump administration has also announced its plan to provide $1,000 to savings accounts established for children in the U.S. It will take some time for Americans to feel the benefits of that program.
According to the latest AP NORC results, Trump’s approval rating overall has dropped 10 points since March. As of this month, six in 10 had a negative opinion of his job performance. There is a strong partisan divide when it comes to his approval rating, with nine in 10 Democrats who have a negative view compared to just two in 10 Republicans. Independents lean closer to Democrats on the issue, with seven in 10 who have a negative view of the president’s job performance.