Eight out of ten Americans rate the economy as fair or poor, according to the latest CNBC All-America Economic Survey released on Thursday. This represents the highest share since December 2023 and reflects broad economic discontent with less than two weeks remaining before congressional elections. Overall, 63% of the public expressed pessimism about the current state of the economy and its outlook, up one percentage point from July's survey.
The deterioration in sentiment has been driven notably by Republicans themselves, whose economic pessimism has surged significantly. Among Republicans, 35% now express pessimism about the economy, up six percentage points from July and marking the highest level of Republican economic doubt during either of President Trump's two terms. Micah Roberts, a Republican pollster for the survey, noted that Republicans had previously maintained support for the economy but that this position "has kind of broken and changed." The survey of 1,000 registered voters nationwide carried a margin of error of plus or minus 3.1 percentage points.
Trump's economic approval ratings have collapsed to historic lows. His net economic approval rating fell nine points from July, dropping to minus 31 percentage points, the lowest figure across either of his two terms. Economic disapproval now stands at 65%, the highest level CNBC has recorded for any president surveyed going back to Barack Obama and one percentage point higher than Joe Biden's worst showing. Meanwhile, his overall approval rating held steady at 40% approving and 59% disapproving, representing a net approval of minus 19 percentage points.
Consumer concerns center heavily on prices, with 57% identifying the combined cost of food, gas and housing as their top worry. Eighty percent of respondents said prices are rising, with 55% reporting that increases are faster than normal. Food costs emerged as a particular concern for 34% of respondents, exceeding gas price concerns at 23%. The survey found Democrats holding significant leads over Republicans on multiple issues, including the cost of food and groceries, where the Democratic advantage widened to plus 16 points from plus 7 in July.
The polling presents political challenges for Republicans in competitive races. The survey showed Americans preferring Democratic control of Congress by 52% to 45%, a seven percentage point Democratic edge representing a three point gain from July. In eight states with competitive Senate races, respondents also preferred Democratic congressional control, by a four percentage point margin, despite Trump carrying those states by a combined ten points in the 2024 presidential election. Jay Campbell, a Democratic pollster for the survey, noted that the data shows "things moving either away from Republicans or toward Democrats...in a way that would make me very nervous if I was leading Republican campaigns."
For savers, borrowers, business owners and investors, the survey indicates broad public skepticism about economic conditions, which could influence consumer spending, business investment and political decisions affecting tax and regulatory policy over the coming months.