CNBC poll shows Americans souring on economy and Trump

Americans are feeling worse about the economy even as stocks rise and gasoline prices have eased, according to CNBC’s latest All-America Economic Survey. For everyday investors, the takeaway is that market gains are not translating into broad confidence at the kitchen-table level, where grocery bills and health costs still drive sentiment.

The CNBC survey of 1,000 adults nationwide, with a margin of error of plus or minus 3.1 percentage points, found 61% of the public pessimistic about both current economic conditions and the outlook ahead. CNBC said that is the highest reading since December 2023. Only 25% said they were optimistic.

That gap matters because consumer confidence can influence spending, and consumer spending is a large part of the U.S. economy. When households pull back, companies that sell discretionary goods and services, meaning nonessential items such as restaurant meals, travel and entertainment, can feel the pressure.

CNBC reported that 47% of respondents said they are reducing spending on essential items, including food and medical care. That was up six points from the network’s April survey. Two-thirds said they are buying fewer nonessential items, up five points from April. More respondents also said they are cutting travel and relying on credit cards.

The pain is not spread evenly. CNBC found that 60% of people with incomes below $30,000 said they are cutting spending on essentials, compared with 35% of those earning more than $100,000.

Prices remain the political center of gravity

CNBC said the findings come despite lower oil and gasoline prices in recent weeks and steady, modest growth in national retail sales. The survey’s Democratic and Republican pollsters both said lower gas prices have not erased the memory or effect of prior price increases.

Jay Campbell, a partner at Hart Research and the Democratic pollster for the CNBC survey, said people still compare today’s costs with what they paid over the past couple of years, and a temporary drop in gasoline does not offset that burden. Micah Roberts, a partner at Public Opinion Strategies and the Republican pollster for the survey, said more voters expect conditions to deteriorate than improve, leaving the electorate in a sour mood before the midterm cycle.

President Donald Trump’s approval remains weak in the CNBC poll. The survey put his overall approval at 40%, with 59% disapproving, a one-point deterioration from April and within the margin of error.

On the economy, 38% approved of Trump’s handling and 60% disapproved, according to CNBC. On inflation and the cost of living, 31% approved and 68% disapproved. The survey also found 35% approved of his handling of the war with Iran, while 63% disapproved.

Democrats lead, but not by much

CNBC reported that Democrats hold a four-point edge on which party voters prefer to control Congress, unchanged from April. Campbell said the party has an advantage but not one that currently points to a wave election.

The survey suggests voters remain highly attached to their parties, limiting how much economic dissatisfaction changes congressional preferences. CNBC said partisan voters increased support for their own side compared with April, with those shifts largely canceling each other out.

On specific issues, CNBC found Democrats ahead by seven points on food and grocery costs, the top concern in the poll, and by three points on protecting democracy. Republicans led by 22 points on immigration and border security, the largest party advantage among the 10 listed issues.

Housing stood out for younger adults. CNBC said voters ages 18 to 34 ranked housing as their top issue, with 46% calling it a major concern. For that group, food costs ranked second at 33%.

Support for military action against Iran also slipped. CNBC found 48% said action against Iran was worth it to disrupt its nuclear weapons capability, down from 53% in April, while 50% said it was not worth it, up from 44%.

This story draws on original reporting from CNBC.