President Donald Trump’s approval rating on the economy has fallen to a new low across two major national polls, underlining deep voter pessimism just months before the 2026 midterm elections.
Two national polls conducted in early July found Trump’s approval rating on the economy at historic lows, driven by widespread concern over the cost of living and future economic conditions.
The latest CNBC All-America Economic Survey and a Washington Post–Ipsos poll both show most Americans disapprove of Trump’s handling of economic issues, with confidence in the country’s financial outlook remaining subdued despite signs of improvement in inflation and markets.
It comes as voters begin focusing on the 2026 midterms, where economic sentiment typically plays a decisive role in shaping electoral outcomes.
American households facing higher living costs and economic uncertainty are driving these ratings, with political consequences likely for both parties heading into November.
White House spokesman Davis Ingle said “no other President in history has accomplished more for the American people than President Trump,” adding that Trump is “working tirelessly” to create jobs, lower inflation and improve housing affordability, and argued that “historic progress” already made is “just the beginning” as his agenda takes effect.
Key Points
- Trump’s overall approval stands at 40 percent in CNBC polling and 37 percent in Washington Post–Ipsos polling, with both figures underwater against higher disapproval ratings.
- Approval of his handling of the economy is lower, at 38 percent approve to 60 percent disapprove in CNBC data and 33 percent approve to 65 percent disapprove in Washington Post–Ipsos results.
- Economic pessimism is widespread, with 61 percent of respondents in the CNBC survey saying they are pessimistic about the economy, the highest level since late 2023.
- Despite economic dissatisfaction, Democrats hold only a small 4-point advantage in congressional preference in the CNBC poll, suggesting a tightly divided electorate.
Why It Matters
Presidential approval has long been closely tied to perceptions of the economy, and the latest data show those perceptions remain negative even as headline indicators such as inflation ease. Historically, sustained economic pessimism has posed a serious risk to incumbents and their parties in midterm elections.
Deep Economic Pessimism
The CNBC All-America Economic Survey, conducted July 8–12, 2026, surveyed 1,000 registered voters nationwide and carries a margin of error of plus or minus 3.1 percentage points.
It found that Trump’s overall approval rating stands at 40 percent, with 59 percent disapproving, giving a net approval rating (those who approve minus those who disapprove) of -19.
On the economy, however, sentiment is worse.
Among all adults, Trump’s economic approval sits at 38 percent approve to 60 percent disapprove, producing a net rating of -22, which represents the lowest figure of his political career under this metric in CNBC polling.
The broader economic mood is striking. A full 61 percent of respondents say they are pessimistic about the current state of the economy and its future, compared to just 25 percent who say they are optimistic.
Evidence of strain appears in consumer behavior. The survey found 47 percent of Americans are cutting back on essentials such as food and medical care, up 6 points from the April survey, while roughly two-thirds are reducing non-essential spending like dining out and entertainment.
Jay Campbell, a Democratic pollster with Hart Research, who also worked on the poll, said voters are still feeling the impact of rising costs, noting “people are still paying a lot more for stuff than they were a year and a half ago,” which continues to “drive a lot of anger,” and added that short-term drops in gas prices are “just not enough to make up the difference.”
Micah Roberts, a Republican pollster who worked on the survey, said voters are entering the election cycle in a “distinctly sour mood,” with more expecting conditions to worsen than improve.
Even so, dissatisfaction has not translated into a major partisan shift. The poll shows Democrats only leading Republicans 49 percent to 45 percent in voter preference for control of Congress, indicating entrenched political divisions.
Second Poll Confirms Low Approval
A separate Washington Post–Ipsos poll, conducted July 8–13, 2026, surveyed 2,648 U.S. adults with a margin of error of plus or minus 1.9 percentage points.
It found Trump’s overall approval rating at 37 percent, with 61 percent disapproving, giving a net rating of -24, unchanged from earlier in the year.
On the economy, the numbers are even weaker. Just 33 percent of Americans approve of Trump’s handling of the economy, while 65 percent disapprove, a net rating of -32, a new low for this polling series.
The poll also highlights lingering economic anxiety. Nearly half of respondents—48 percent—say they expect the economy to worsen over the next year, while a growing share report being financially worse off than before.
Separate data from the same survey shows 59 percent of Americans believe people like them do not have a good chance of improving their standard of living, reinforcing a broader sense of pessimism.
Economic Perceptions Driving Political Risk
Taken together, the two polls point to a consistent picture: even as inflation moderates and stock markets remain strong, many Americans continue to feel squeezed by higher prices for everyday goods.
That disconnect—between improving macroeconomic indicators and weak consumer sentiment—appears to be weighing heavily on the president’s approval ratings.
Polling averages suggest Trump’s overall job approval remains between the high 30s and low 40s, with most surveys showing a majority of Americans disapprove of his performance.
When consumer confidence drops, approval ratings tend to follow, often with political consequences in subsequent elections.
A Divided Electorate
Despite the negative numbers, the political implications are not straightforward.
The CNBC poll indicates Democrats have only a modest advantage in voter preferences for Congress, leading Republicans 49 percent to 45 percent, suggesting dissatisfaction with the economy has not yet translated into a decisive shift toward either party.
This reflects a broader pattern of polarization. Both polls show voters largely “locked in” to their party loyalties, limiting the scale of potential swings even when economic concerns intensify.
What Happens Next
With less than four months until the midterm elections, both parties face a complex political landscape shaped by economic anxiety but constrained by partisan division.
For Trump and Republicans, the challenge will be reversing negative perceptions of the economy—or at least convincing voters that conditions are improving. For Democrats, the difficulty lies in translating dissatisfaction into meaningful electoral gains.
