Trump Approval Rating Slumps to Historic Low on Economy Before Midterms

With less than two weeks remaining before the congressional elections, public sentiment regarding the United States economy has soured significantly. According to the latest CNBC All-America Economic Survey, President Donald Trump's economic approval rating has tumbled to an all-time low of 34%, creating severe headwinds for Republican candidates. This widespread discontent arrives as households grapple with persistent cost-of-living pressures, reflecting a mood nearly as gloomy as the period following the pandemic.

For international observers and investors across Africa, shifts in American political stability carry immense weight. Economic policy changes and electoral outcomes in Washington frequently trigger ripple effects across global trade, foreign investment flows, and commodity prices like crude oil. As we noted in our analysis of US Household Debt Stress Hits Levels Unseen Since Financial Crisis, American consumer health directly dictates global liquidity and market sentiment. Understanding these domestic political dynamics helps savvy savers anticipate shifts in global markets.

Why is the trump approval rating falling?

The erosion of confidence stems primarily from persistent inflation and anxiety over everyday expenses. Eight out of ten Americans now characterize the national economy as fair or poor, matching levels of pessimism not seen since late 2023. While Democrats and independents have long held skeptical views, disillusionment has recently spread to the president's own base. Thirty-five percent of Republicans now express pessimism about current economic conditions, marking the highest level of intra-party dissatisfaction recorded across either of Trump's two presidential terms.

Price increases remain the central preoccupation for registered voters. Taken together, concerns regarding the cost of food, gasoline, and housing dominate the concerns of 57% of survey respondents. Food expenses now eclipse fuel as the single greatest household worry, disproportionately affecting lower-income earners. Meanwhile, broader consumer pressures continue to weigh on traditional equities, mirroring the caution seen in other sectors as discussed in our report on AI Stocks Under Pressure, Midterm Election Looms as Potential Catalyst for Further Decline.

Political consequences and the midterm outlook

The survey of 1,000 registered voters nationwide reveals a pronounced swing in electoral momentum. Respondents favor Democratic control of Congress by a 52% to 45% margin, reflecting a seven-point advantage that has widened over recent months. Furthermore, voter engagement heavily favors the opposition, with 72% of Democrats expressing high interest in the upcoming November 3 ballot compared to 62% of Republicans.

Discontent extends beyond economic metrics into governance and ethics. Government corruption emerged as the single most critical issue for 36% of respondents, with a vast majority expressing bipartisan support for tighter ethics rules. Roughly 93% of participants agreed that elected officials should not personally trade stocks in companies holding federal contracts, highlighting a deep public demand for institutional reform that spans traditional party lines.

What to watch

• The official congressional election results on November 3, 2026.
• Subsequent shifts in legislative control and potential policy gridlock in Washington.
• Upcoming inflation and consumer price index data releases that will shape Federal Reserve policy responses.

Frequently asked questions

What is the current trump approval rating on the economy?

President Trump's economic approval rating fell to 34% in the latest CNBC survey, representing an all-time low for his presidency. Meanwhile, his economic disapproval rating rose to 65%.

How do voters view the economy right now?

Eight out of ten Americans currently rate the national economy as fair or poor. Persistent concerns over the cost of food, gas, and housing drive widespread public pessimism.

Which party leads ahead of the midterm elections?

Registered voters favor Democratic control of Congress by a 52% to 45% margin in the CNBC survey. Democrats also hold advantages on key issues such as corruption, food costs, and protecting democracy.

How does the trump approval rating compare to previous presidents?

The president's current economic disapproval rating of 65% surpasses former President Joe Biden's worst showing and represents the highest disapproval recorded by CNBC dating back to the administration of Barack Obama.