Trump's Economic Approval Hits All-Time Low Before Midterms

President Donald Trump's economic approval rating has reached an all-time low according to the latest CNBC All-America Economic Survey. About 80% of Americans rate the economy as fair or poor, the highest since December 2023. Overall economic pessimism sits at 63%, up 1 percentage point since July, including 35% of Republicans, which is a 6 point increase and the highest Republican pessimism in either of Trump's terms.

The survey of 1,000 registered voters with a 3.1% margin of error also found a 52% to 45% preference for Democratic control of Congress, a 3 point gain for Democrats since July. Additional polling shows 72% of Democrats are highly interested in the November 3 midterms election compared to 62% of Republicans. Women are more interested than men and prefer Democrats by 22 points, while independents prefer Democrats 49% to 33%. In key Senate states, voters favor Democrats by 4 points, though Trump won those states by 10 points in 2024.

These data points highlight growing economic dissatisfaction and stronger Democratic support weeks before the election. The shift in Republican voters’ economic outlook and increased Democratic engagement may affect election outcomes and thus congressional control. For investors, these results underscore potential political changes that could influence economic policies and markets after the midterms.