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By Sam Stevenson and Gabe Whisnant
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President Donald Trump’s approval on the U.S. economy fell sharply in multiple national polls conducted in early May, reflecting widespread dissatisfaction with rising costs and economic conditions.
Major national polls from CNN/SSRS, Reuters/Ipsos and YouGov/Economist pointed to a similar pattern of weakening support, with net approval ratings ranging from minus-24 to minus-40.
In the YouGov and Ipsos poll, Trump’s economic standing has dropped from net-positive territory early in his second term to deeply negative ratings, representing declines of more than 30 points in each case. In the CNN poll, Trump's rating is at its lowest point, underscoring the breadth and depth of the downturn.
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The erosion comes after Trump campaigned in 2024 on restoring economic strength and lowering costs, placing his current standing at odds with one of the central arguments behind his return to office.
For voters, parties and candidates ahead of the 2026 midterms, the shift reshapes a political landscape in which the economy had long favored Republicans and once formed the backbone of Trump’s appeal.
Why It Matters
Trump’s 2024 victory rested heavily on a promise to act as an effective steward of the U.S. economy, particularly on inflation and the cost of living.
Weakening confidence on that defining issue threatens to undercut a core pillar of his political coalition and could have knock-on effects in key congressional races.
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Across-the-Board Weakness in New Polling
A CNN poll conducted by SSRS between April 30 and May 4 among 1,499 U.S. adults found Trump’s approval on the economy at 30 percent, with 70 percent disapproving—a net rating of -40, the lowest of his political career, according to data released by the broadcaster.
The survey was conducted online and by phone using a probability-based panel, with a margin of error of plus or minus 2.8 percentage points.
The topline result is echoed in other national surveys. A Reuters/Ipsos poll conducted May 8-11 among 1,254 adults using Ipsos’s KnowledgePanel, with a margin of error of plus or minus 2.8 points, found 30 percent approval and 64 percent disapproval, for a net rating of -34.
And a YouGov/Economist poll conducted May 1-4 among 1,573 U.S. adults, with a margin of error of plus or minus 3.4 percentage points, recorded 34 percent approval and 58 percent disapproval, producing a net rating of -24.
Plotted in the chart above, each survey shows the same pattern: approval clustered in the low 30s, disapproval substantially higher, and net ratings firmly negative, ranging from -24 to -40.
Trump Says Voters’ Financial Concerns Not Driving Iran Talks
Meanwhile, President Donald Trump said Tuesday that voters’ financial concerns were not a factor in his approach to ending the Iran war, as he faced questions on the economic impact of the conflict.
Speaking to reporters ahead of his departure from the White House for a trip to China, Trump was asked whether Americans’ financial situation was influencing negotiations with Tehran.
“Not even a little bit,” Trump said. “The only thing that matters, when I’m talking about Iran: They can’t have a nuclear weapon. I don’t think about Americans’ financial situation. I don’t think about anybody."
He continued, "I think about one thing. We cannot let Iran have a nuclear weapon. That’s all. That’s the only thing that motivates.”
Sharp Deterioration Since Early in Second Term
The scale of the decline becomes clearer in context.
A Reuters/Ipsos survey conducted January 20-21, 2025, among 1,077 adults, with a margin of error of plus or minus 3.6 percent, found Trump at +6 on net economic approval (42 percent approve, 36 percent disapprove), meaning the latest reading of -34 represents a 40-point swing in the wrong direction for the White House.
A comparable shift appears in YouGov/Economist polling.
In a January 26-28, 2025, survey of 1,577 U.S. adult citizens, with a margin of error of plus or minus 3.2 percent, Trump held a +12 net approval rating (49 percent approve, 37 percent disapprove). By early May 2026, that had fallen to -24—a 36-point drop.
In the chart below, that shift is reflected in the stark contrast between earlier positive balances and current negative readings, highlighting the speed and magnitude of the deterioration.
Trend Data Shows Sustained Decline
Longer-term trend data from CNN polling tells a similar story. Economic approval has declined steadily through Trump’s second term, moving from -12 in March 2025 to -22 in April 2025 and reaching -40 by May 2026.
The trend line in the chart shown above slopes decisively downward, moving from near-neutral territory into deeply negative ground, with no sustained rebound—suggesting an entrenched decline rather than short-term volatility.
Public Mood on Economy Turns Increasingly Negative
Public perceptions of the broader economy have worsened alongside approval ratings.
A YouGov tracker, based on weekly surveys of between 679 and 3,000 registered voters per wave, shows the share of Americans saying the economy is “getting worse” rising from 25 percent in January 2025 to 61 percent in May 2026.
Only 18 percent now say the economy is “getting better,” with 18 percent saying it is “about the same.” As seen in the chart below, the “getting worse” line climbed steadily and accelerated into 2026 while optimism weakened.
Cost of Living and Policy Perceptions
The pessimism is closely tied to cost-of-living pressures.
The CNN poll found 77 percent of Americans—including a majority of Republicans—say Trump’s policies have increased the cost of living in their communities. Roughly two-thirds say they have worsened economic conditions nationally.
Approval drops further across specific issues, with one-third approving of Trump’s handling of support for the middle class, 26 percent on inflation and 21 percent on gas prices.
Political Implications Ahead of Midterms
As economic confidence weakens, the political balance is shifting.
Democrats now lead on several economic issues, including the cost of living and helping the middle class, reversing a Republican advantage during the Biden years.
Still, more than 30 percent of Americans say they trust neither party on many of those issues.
The electorate remains closely divided, with 45 percent supporting a Democratic congressional candidate, 42 percent a Republican and 14 percent neither.
While 55 percent name the economy as the country’s most important issue, many voters say other concerns will also shape their vote.
White House Response
White House spokesperson Davis Ingle has argued that current polling should be viewed in the context of Trump’s 2024 election victory, which he described as the clearest expression of public support.
“The ultimate poll was November 5th 2024 when nearly 80 million Americans overwhelmingly elected President Trump to deliver on his popular and commonsense agenda,” Ingle said, pointing to the election result as a mandate for the administration’s policies.
Ingle said the White House remains focused on jobs, inflation and housing affordability, and framed the president’s economic record as historically significant.
“No other President in history has accomplished more for the American people than President Trump, who is working tirelessly to create jobs, cool inflation, increase housing affordability, and more,” he said.
He added that the administration expects its policies to continue taking effect, describing recent progress as “just the beginning as his agenda continues taking effect.”
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