Trump Approval Slides 31 Points Among Voters He Needed in 2024

President Donald Trump's net economic approval rating has dropped to -31 in the latest CNBC All-America Economic Survey, with economic disapproval rising to 65% among registered voters. That figure is the highest CNBC has measured for any president since President Barack Obama, and one point above President Joe Biden's worst showing during the aftermath of the pandemic.

The survey of 1,000 registered voters, conducted Oct. 14-18 by Hart Research Associates and Public Opinion Strategies, carries a margin of error of plus or minus 3.1 percentage points. Trump's net approval among all registered voters has fallen from -7 at the start of his term to -19 in the current poll. Disapproval of his handling of inflation has also risen.

Among Latino voters, his net approval moved from -22 to -38 since the start of his second term. For voters aged 18 to 34, the figure went from -28 to -53. Black respondents moved from -55 to -67. The survey shows sharp declines in economic and overall approval among these groups and among those in the $50,000 to $75,000 income range.

Declines also appear inside the Republican coalition. Self-described Trump voters have gone from a net approval of +85 in 2025 to +65 now. In the South, net approval moved from +2 in 2025 to -20 in the latest survey. Republicans in the survey still give the president an 82% approval rating, and those who identify with the MAGA movement are at 90%.

Interest in the election is 10 points lower among Republicans than it is among Democrats, according to the survey. In close races, the party that turns out its voters more effectively holds an advantage. The survey found 44% of registered voters say their biggest worry about Republican control of Congress is allowing President Trump to operate beyond his constitutional power, while 28% cite concerns about Democratic Socialists under Democratic control.

Trump's approval ratings on the economy were positive when he left office, with 48% approving and 41% disapproving. There was no second-term honeymoon: he was underwater on economic approval in the April 2025 survey, a period that followed the tariff regime and resulting market turmoil. His economic approval rating stayed negative through most of his first year.

The decline deepened after the launch of the Iran war. By April 2026, his net economic approval rating had reached levels last seen under Biden during the pandemic, when the country faced high inflation and elevated unemployment. In the first quarter of 2026, Trump's net economic approval dropped 10 points to -21, then reached -31 in the current survey.

Blue-collar workers show how the base has held together despite economic concern. Their net economic approval of the president has fallen 22 points to -15 from the start of his term to now, while overall presidential approval remains at +6, a drop of four points. They still prefer a Republican-controlled Congress by 21 points, down from 33 points in July.

Views on the economic outlook fell 22 points among Republicans, though they remain net positive. That is the lowest level of economic optimism for Republicans since Biden. The survey showed a 7-point preference for Democratic control of Congress, a 3-point gain from July, while Republican preference for a Republican-controlled Congress rose from 85% in July to 87% in October.

The survey was released as Trump campaigns through red states ahead of next week's midterm elections. He is not on the ballot, but his approval ratings and the economic outlook are factors in the race for control of Congress.