President Donald Trump's approval ratings have fallen sharply among the demographic groups that helped him win the 2024 election, according to a new CNBC All-America Economic Survey. The data indicates that the coalition supporting his second term is weakening as midterm elections approach.
Since the start of his second term, Trump's net approval rating among Latino voters has dropped from -22 to -38. Among 18- to 34-year-olds, the rating declined from -28 to -53. Black respondents showed a similar trend, moving from -55 to -67. Across all registered voters, his approval rating fell from -7 at the beginning of the term to -19 in the latest survey.
The decline extends into the Republican base. Approval among self-described Trump voters has fallen from a net +85 in 2025 to +65. Net approval in the South has turned negative, dropping from +2 in 2025 to -20 in the current survey. These shifts present challenges for Republican congressional candidates, even though Trump is not on the ballot for next week's midterms.
The survey, conducted October 14-18, polled 1,000 registered voters nationwide. It was co-led by Democratic pollster Hart Research Associates and Republican pollster Public Opinion Strategies, with a margin of error of plus or minus 3.1 percentage points. While Republicans still give Trump an 82% approval rating and 90% of those identifying with the MAGA movement approve of him, interest in the election is 10 points lower among Republicans than Democrats.
Economic approval has been a persistent weak point. Trump left office in 2024 with a net positive economic approval rating of +7, with 48% approving and 41% disapproving. However, he began his second term underwater on economic approval in April 2025. The rating remained negative through most of his first year before plunging further following the launch of the Iran war.
By April 2026, Trump's net economic approval had reached levels last seen under President Joe Biden during the pandemic aftermath. In the first quarter of this year, his net economic approval dropped 10 points to -21. In the latest survey, it has plunged to -31. Disapproval of the president's economic performance has climbed to 65%, surpassing President Joe Biden's lowest mark by one point and exceeding any level CNBC has recorded since President Barack Obama's tenure.
The survey highlights growing frustration with inflation and immigration. Forty-four percent of respondents said their biggest worry if Republicans control Congress is allowing Trump to operate beyond his constitutional power. By contrast, 28% cited passing policies of Democratic Socialists as their biggest worry if Democrats take control. For either party's control, registered voters expressed concern that Congress would not do enough to bring down prices.
Views on the economic outlook fell 22 points for Republicans, marking the lowest level of economic optimism for the group since the Biden administration. Despite this pessimism, Republican preference for a Republican-controlled Congress increased from 85% in July to 87% in October. The overall preference for Democratic control of Congress stands at a 7-point margin, a 3-point gain from July.
Blue-collar workers illustrate how Trump maintains support despite economic concerns. Their net economic approval has plunged 22 points to -15 since the start of his term. However, their overall presidential approval remains at +6, a drop of just four points. They still prefer a Republican-controlled Congress by 21 points, down from 33 points in July.
In recent weeks, Trump has traveled through red states in an effort to energize his base. The survey suggests that while his core supporters remain loyal, the broader coalition that secured his victory in 2024 is less enthusiastic, posing a reach for Republican congressional candidates in 2026.