Despite a sharp reduction in inflation, falling unemployment, and an accelerating economy, the public’s approval of President Biden’s economic stewardship remains mired below 40 percent, a Gallup survey released Friday showed.
The president’s job approval rating on the economy came in at just 37 percent in the August poll. That’s up five points from the Gallup survey taken in March.
Back in March, the consumer price index was up five percent compared with a year earlier. The economy grew at an annual pace of two percent in the first three months of the year. The February jobs report had jus shown an unemployment rate at 3.6 percent.
The economy has improved since then. The inflation rate has fallen to 3.2 percent. Growth rose to 2.4 percent in the second quarter and appears to be accelerating to an even faster pace in the third quarter. The unemployment rate has ticked down to 3.5 percent.
Yet this progress only got Biden five additional points in the Gallup poll.
Biden’s economic approval rating is below his overall approval rating, at 42 percent. But the economy is not his worst issue. He scores just 32 percent approval on China relations and 31 percent on immigration.
Seventy-four percent of Democrats say they approve of Biden on the economy. Just 33 percent of independents approve and three percent of Republicans. The economy is Biden’s lowest approval ranking among Republicans and his third lowest among independents (after China and immigration, and tied with Russia relations).
“As the 2024 presidential campaign begins to heat up, there will be increased focus on Biden’s approval rating and its implications for his electability. If he continues to struggle to earn ratings above the low 40s, history suggests he would be unlikely to win reelection,” Gallup said Friday.
