President Donald Trump campaigned on a promise to lower inflation and has been making moves related to the economy, from tariffs to trying to shake up things at the Federal Reserve Bank. However, public opinion about the economy remains low.
How is it impacting his approval ratings? A swath of recently released polls provide some context.
Let’s start with results released Aug. 21 by American Research Group. That poll found that 34% of Americans approved of the way Trump was handling the economy and that 63% disapproved. That was slightly down from July, when 35% approved of the way Trump was handling the economy and 62% disapproved. Overall Trump’s approval rating based on those results was just 38% -- flat compared to July.
This Monday, Morning Consult released poll results that showed the president’s approval rating was stable at 47% but lower than his 51% disapproval rating. Gallup released fresh poll results Tuesday that has Trump’s approval rating at 40%, lower than the 43% reported during earlier months of his second term. His approval rating on the economy was at 37%.
“Americans remain dour about economy’s health and direction,” said Gallup. While his rating on the economy didn’t change significantly over the past month, it is also down compared to a high point reported in February.
Just before the election last November, Gallup polling showed that around half of the country rated the nation’s economy as “poor” and that did decrease after Trump took office to 31% in June. Now, it has creeped up to 38%. More than half (54%) the recent survey respondents said it is a bad time to find a quality job. That’s slightly improved since April but down compared to the days before Trump took office.
“After improving this spring, Americans’ assessment of the economy has worsened again, returning to its level in the first quarter. This could reflect public frustration with ongoing high prices, overshadowing positive news about the stock market and second-quarter [gross domestic product] growth,” said Gallup. “Although the inflation rate has been below 3% since Trump took office, prices remain elevated following the high inflation that occurred under the previous administration and that Trump campaigned on addressing. Americans’ concerns about the job market could also be dampening their economic mood.”
Quinnipiac University poll results released Wednesday found similar results related to Trump’s handling of the economy: 39% approved and 57% disapproved. Overall, it found that 37% of respondents approve of the way Trump is handling the presidency, down from 40% in July. According to The Hill, that’s a new low for Trump. Rasmussen polling data also showed a slight decrease in approval for Trump this week.
AP-NORC poll results also released Wednesday showed that Trump’s approval rating on handling crime was at 53% and his overall rating increased five points compared to July. In contrast to the other polls, it also found that his approval rating on the economy also ticked up since last month, from 38% to 43%. However, around 60% said they considered the economy to be in poor condition.
While Reuters-Ipsos’ latest polling showed his approval ratings were flat going into this week compared to the week prior, it also showed a slight increase in disapproval related to the economy. Emerson college poll results released Friday showed that Trump’s approval rating slipped one point to 45%.
“The economy remains the top issue for voters at 33%, up two points from July,” said Emerson. With the economy top of mind, 42% of respondents said their family’s finances are worse off than a year ago, up four points from July. Just 28% said they are better off financially than a year ago, a four-point decrease.
As of Saturday, the Economist’s approval rating tracker had Trump’s approval rating at 41%, slightly up compared to the previous week. Its historical data showed a nosedive in economy approval ratings during former President Joe Biden’s term, when high inflation and high interest rates rocked the economy. So far, Trump has not been able to drag those low approval ratings on the economy up to the level they were at during his first term. From 2017 to 2019, Gallup polling found that Americans frequently reported approving of the way he handled the economy.
“Trump’s subdued approval rating on the economy reflects Americans’ continued disenchantment with U.S. economic conditions,” Gallup said this week. “While views had improved somewhat in May and June, they have since worsened and are now only slightly better than they were in October, just before Trump was elected.”