CNBC poll shows darker US economic mood weighing on Trump

Americans’ assessment of the economy has weakened despite higher equity markets and lower gasoline prices, according to the latest CNBC All-America Economic Survey. The poll found 61% of adults pessimistic about the economy and its outlook, while President Donald Trump’s approval stood at 40%, with 59% disapproving.

CNBC said the nationwide survey covered 1,000 adults and carried a margin of error of plus or minus 3.1 percentage points. The level of economic pessimism was the highest recorded by the survey since December 2023, CNBC reported, while only 25% of respondents described themselves as optimistic about current conditions and the future.

The findings point to continued household strain from prices even as some headline indicators have improved. Inflation can slow without returning prices to earlier levels, leaving consumers facing higher grocery, medical and other recurring costs than they remember from prior years. Jay Campbell, a partner at Hart Research and the Democratic pollster for the survey, told CNBC that a short-term fall in petrol prices had not erased the effect of earlier price increases.

CNBC reported that 47% of respondents said they were reducing spending on essentials such as food and medical care, up six percentage points from the April survey. Two-thirds said they were cutting non-essential spending, including restaurants and entertainment, up five points. More respondents also reported curbing travel and using credit cards than in April, according to the survey.

The spending pressure was uneven across income groups. CNBC said 60% of respondents earning less than $30,000 reported cutting essential purchases, compared with 35% of those earning more than $100,000. The survey results contrast with national retail sales data described by CNBC as showing steady, modest growth, suggesting higher-income spending may be supporting aggregate figures.

Trump’s economic ratings remain weak

Trump’s overall approval was little changed from CNBC’s April poll, but his issue ratings were weaker. CNBC said 60% disapproved of his handling of the economy, compared with 38% who approved. On inflation and the cost of living, 68% disapproved and 31% approved.

The survey also found 63% disapproved of Trump’s handling of the war with Iran, while 35% approved. Support for the military action declined from April: 48% said the action was worth it to disrupt Iran’s nuclear weapons capability, down from 53%, while 50% said it was not worth it, up from 44%.

Micah Roberts, a partner at Public Opinion Strategies and the Republican pollster for the survey, told CNBC that more voters expected conditions to worsen than improve, by 41% to 29%, leaving the electorate in a poor mood ahead of the midterm cycle.

Democrats gain only a narrow advantage

Despite dissatisfaction with the economy and Iran policy, CNBC said Democrats held only a four-point lead on which party voters preferred to control Congress, unchanged from April. Campbell told CNBC that the advantage did not currently indicate a wave election.

On individual issues, CNBC reported that Democrats led by seven points on food and grocery costs, the top-ranked concern, and by three points on protecting democracy. Republicans held their largest advantage on immigration and border security, leading by 22 points. Democrats led by six points on housing and by 18 points on health-care costs.

The survey showed different priorities across demographic groups. Democrats, independents, women, white voters, voters of color and most income groups ranked food costs as the leading issue, according to CNBC. Republicans were the only major group to put immigration first. Among voters aged 18 to 34, housing ranked highest, with 46% calling it a major issue, while 33% selected food costs.

This story draws on original reporting from CNBC.