President Donald Trump's economic approval rating has reached an all-time low, with 65% of Americans disapproving of his economic stewardship, according to the latest CNBC All-America Economic Survey [1]. The survey of 1,000 registered voters nationwide, which carries a margin of error of plus or minus 3.1%, was conducted as the nation approaches congressional midterm elections with less than two weeks remaining [1]. This represents a significant deterioration from July, when Trump's economic disapproval stood at 60%, marking a net economic approval of -31 percentage points—the lowest of either of Trump's two terms [1]. The 65% disapproval rating is notably 1 percentage point higher than former President Joe Biden's worst showing and represents the highest disapproval for any president surveyed by CNBC dating back to President Barack Obama [1].
Broader economic sentiment among Americans remains deeply pessimistic, with eight out of 10 Americans rating the economy as fair or poor, the highest proportion since December 2023 [1]. Overall, 63% of the public expresses pessimism about the current state of the economy and its outlook, up 1 percentage point from the July survey [1]. Notably, economic pessimism has risen sharply among Republicans themselves, with 35% of Republicans now pessimistic—up 6 points from July and representing the highest level of Republican economic pessimism during either of Trump's two terms [1]. Micah Roberts, partner at Public Opinion Strategies (a Republican pollster), observed that Republicans have historically maintained a small margin saying the economy is either excellent or good, but "now that has kind of broken and changed" [1].
The economic malaise appears to be influencing electoral preferences, with Americans preferring Democratic control of Congress by a 52% to 45% margin—a 7 percentage point Democratic edge representing a 3 percentage point gain for Democrats from the July survey [1]. In the eight competitive Senate races across states Trump won by a combined 10 points in the 2024 presidential election, respondents prefer Democratic congressional control by 4 percentage points [1]. Demographic breakdowns reveal that women prefer Democratic control by 22 points and are 10 percentage points more interested in the midterm election than men, while independents prefer Democratic control by a wide 49% to 33% margin [1]. Despite the economic disapproval, Trump's overall approval rating has remained relatively stable at 40% approving and 59% disapproving, though his net approval of -19 percentage points represents a significant decline from -8 a year ago [1].
CONCLUSION
Trump's economic approval rating has collapsed to historic lows just before the midterm elections, with two-thirds of Americans disapproving and economic pessimism rising even among Republicans. The deteriorating economic sentiment is translating into electoral headwinds, with voters preferring Democratic control of Congress and Democrats gaining ground in competitive Senate races. This represents a significant political vulnerability for the administration heading into the midterm vote.