Trump's approval rating on the economy hits record low 31%
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President Trump's approval rating on his longtime political calling card — the economy — has sunk to 31%, the lowest it has been across both of his terms as president, according to a new survey from The Associated Press-NORC.
Why it matters: The decline in the approval rating comes as the administration is working to take on an affordability crisis that has been weighing on consumers.
By the numbers: The survey, conducted from Dec. 4-8, sampled more than 1,100 adults mainly via web interviews.
- 68% of voters — including 44% of Republicans — say the economy is in poor shape.
- About half of Americans say it's harder than usual to afford holiday gifts this year.
- About half say they are cutting back on nonessential purchases more than they usually would.
- A "vast majority" report seeing higher prices for groceries and electricity, underscoring a persistent cost-of-living strain.
Between the lines: Trump's economic approval rating is down from 40% in the same poll two months after he entered office. It reached as high as 43% in August.
- That's significant given the degree to which affordability issues played into his reelection.
What they're saying: "Every member of the Trump administration continues to focus on recreating the historic job, wage and economic growth that Americans enjoyed during President Trump's first term," White House spokesman Kush Desai tells Axios via email.
Zoom in: The survey's findings suggest that the holiday season is colliding with lingering high prices as inflation remains sticky.
- Americans are walking into stores and logging onto shopping sites feeling poorer, not richer, than a year ago.
- That pressure is prompting many to trim gift lists, skip bigger-ticket items and scale back nonessential spending — exactly the kind of behavior that keeps consumer confidence and Trump's economic marks under pressure.
Editor's note: This story has been updated with a response from a White House spokesman.
