Voters have turned sharply against President Donald Trump just three weeks before midterm elections, with a new Financial Times poll putting his approval rating at just 34%.
The Financial Times and Focaldata surveyed 2,275 registered voters online between October 2 and 4, producing one of the most sobering assessments of Trump’s standing to date.
Roughly one-fifth of respondents approved of Trump’s handling of inflation, while more than two-thirds said the economy was heading in the wrong direction.
Only a quarter of voters backed his handling of jobs and the economy, underscoring the depth of economic dissatisfaction entering the final stretch of the campaign.
The poll opened on the same day the Bureau of Labor Statistics reported just 29,000 new jobs for September, and the agency simultaneously cut its July and August estimates by a combined 60,000 jobs.
Energy costs are compounding voter frustration, with the Consumer Price Index rising 3.4% in the 12 months to August, while energy costs climbed 16.3% and gasoline surged 27.4% over the same period.
Trump launched the Iran war on February 28, and energy prices have carried much of the resulting inflationary pressure, with diesel topping $6 per gallon for the first time last month.
Support for his Iran policy has also eroded, with approval on the conflict falling more than 7 points since May, adding foreign policy strain to an already difficult domestic picture.
The poll found 45% of voters believe Trump is making it harder for Republican candidates to win, while the Cook Political Report last week shifted 18 House races toward Democrats, projecting a Democratic gain of 9 to 19 seats.
Prediction markets are reflecting that shift, with Polymarket giving Democrats a 91% chance of taking the House on $16.4 million in trading volume, and a 64% chance of capturing the Senate, up 19 points since that market opened in July 2025.
A separate balance-of-power contract on Polymarket prices a Democratic sweep of both chambers at 62%, while a Republican sweep sits at just 9%, on total volume of $22.2 million.
Republican voter loyalty has softened but not collapsed, with under 70% of Trump’s 2024 voters now approving of him, down from 80% in May, though 80% still plan to back their district’s Republican candidate.
Trump has continued to promote his $5,000 “Trump Dividend” promise should Republicans retain control of Congress, seeking to shore up turnout among his base.
The Bureau of Labor Statistics is scheduled to publish September inflation data on October 14, making it the last CPI reading voters will see before Election Day, with October figures not due until November 10.
