President Joe Biden's approval rating remained at a record low in August, according to the latest IBD/TIPP Poll, as Americans grew more concerned about inflation and gasoline prices despite headline price increases cooling.
The August IBD/TIPP Poll shows 38% of Americans age 18 and up approve of how Biden is handling the presidency, and 51% disapprove. That's net-approval rating of -13 points matches July (38%-51%) and weaker than the -11 points in June (40% approval, 51% disapproval) and -6 points in May (43%-49%).
Biden Approval Rating Details
Some 65% of Democrats give Biden favorable marks while 22% disapprove of his performance, a new low. The July IBD/TIPP Poll showed a 69%-19% split for his job performance vs. 71%-20% in June and 83%-10% in March.
GOP voters disapprove of Biden by 7%-88%, little changed vs. July's 7%-89%.
Just 27% of independents approve of Biden's job performance vs. 60% who disapprove. That's vs. 29%-56% in July, 29%-60% in June and 27%-63% in May.
Of those making at least $75,000 a year, 41% favor Biden's approval and 48% disapprove. Among college graduates, it would be 50% approval vs. 44% disapprove.
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President Biden Gets Poor Marks On Economy
Americans disapprove of President Biden's economic policies, 52%-28%. That's vs. 51%-29% in July.
The U.S. economy added 187,000 jobs in July, the Labor Department reported on Friday, less than expected. That followed June's downwardly revised 185,000.
The average hourly wage rose a solid 4.4% vs. a year earlier. The PCE price index, the Fed's favorite inflation gauge showed inflation cooling to just 3% in June.
The IBD/TIPP Poll finds that just 16% of adults say their wages have kept pace with inflation, the lowest since at least February 2022 and down from 20% in July and 30% in March. Some 58% say they haven't kept up.
Gasoline prices have risen significantly over the past month, which has a big impact on Americans' perception of inflation.
Inflation is a top economic concern for 50% of adults, up from 48% in July but below the August 2022 level of 54%. Some 28% are worried about gas prices specifically, up from July's 25% and June's 24%, but well off the 59% in July 2022.
Investors Narrowly Back Biden
Biden's approval rating among investors edged lower, but net positive at 48%-46%. That's after improving slightly to 49%-45% in July, but well off May's 59%-36%. IBD/TIPP counts as investors those respondents who say they have at least $10,000 in household-owned mutual funds or equities.
The S&P 500 is up 16.6% so far in 2023 as of Aug. 4, and just 7.1% off its January 2022 all-time high. The major indexes fell solidly last week, pushing the stock market rally to "uptrend under pressure." Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Meanwhile, non-investors disapprove of Biden's job performance 54%-33%. That's vs. 54%-32% in July and 50%-36% in April.
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Presidential Leadership Index
The IBD/TIPP Presidential Leadership Index rose 0.3 point to 41.9. Readings above 50 are positive, while sub-50 readings are negative. The Presidential Leadership Index combines survey readings on how American adults feel about Biden's personal qualities, presidential performance, and leadership attributes. Biden's favorability rating rose 1 point to 43.3. Biden's job approval edged up 0.1 point to 42.6. The leadership subindex dipped 0.1 point to 39.8.
The August IBD/TIPP Poll reflects online surveys of 1,369 adults from Aug. 2-4. The results come with a credibility interval of +/- 2.7 points.
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