Consumer sentiment is far worse in 2nd term than in 1st
Analysts of President Donald Trump’s second term, and the outlook for the midterm elections on Nov. 3, have reasonably focused on Trump’s job approval. After holding above the first term approval trend, the second term approval fell below the first term in January and has recently fallen more after the start of the Iran war.
This is well known and I have nothing to add.
What is less often considered are opinions of the economy and especially the comparison of first and second term opinion. This deserves more attention.
The University of Michigan’s index of consumer sentiment is a long-running monthly survey of how Americans feel about the economy. As an index, high values reflect optimism and positive feelings, low values show pessimism and negative feelings. An index value of 100 (where the index stood in 1966) reflects quite positive views of the economy including current conditions and future expectations. As an index, values can be above or below 100, i.e. this is not a percentage.
On April 10, the Michigan survey reported consumer sentiment at 47.6, a record low in polling dating back to 1952. Four of the 5 lowest values ever have come in the last 4 years, with two in the Biden administration in June and July 2022 at 50.0 and 51.5 respectively (at the peak of the inflation surge), and in November 2025 with an index at 51.0, in addition to the current all time low. The 5th lowest index ever was 51.7 in May 1980. In short, despite objective measures of GDP, unemployment and inflation having been far worse in some earlier years, Americans are stunningly sour on the economy,
The comparison of consumer sentiment in the first Trump administration and in the second is the point of this post. The chart highlights the first term up to the 2018 midterms and the second term so far. The average sentiment in the first 23 months of term 1 was 97.5. The average so far in term 2 is 55.5, with the most recent reading at 47.6. That is a 42 point drop from average to average and a 49.9 point drop from average to current reading.
To state the obvious: economic sentiment was a tremendous advantage in the first Trump term and is a tremendous burden in the second.

Sentiment plummeted when the Covid pandemic arrived in early 2020, then began to recover into 2021 before the spike in inflation in the second half of 2021 drove sentiment to the then all-time low of 50 in June 2022. Sentiment recovered somewhat through most of the 2nd half of the Biden administration though it dipped in the run-up to the 2024 election. That persistent negative view of the economy was a constant weight on Biden’s support and ultimately on Harris’ vote.
During Trump’s second term the trend has been sharply down from a peak of 74.0 in December 2024 immediately after his reelection, to 64.7 in the first month of the new term with irregular month to month movements and an overall downward trend.
The low consumer sentiment index means the economy is virtually guaranteed to remain the top concern for voters, and therefore the issue all candidates have to discuss (and claim to fix, with more or less persuasiveness). Above all, this economic gloom will be the atmosphere of the election.
Whatever Trump’s approval rating was in the first term, he could count on an electorate optimistic about the economy. In the second term economic pessimism can only be a drag on his approval and the fortunes of the Republican party in November.
Low consumer sentiment doesn’t guarantee big GOP seat losses in November. While it is correlated with seat loss the fit is quite loose. Presidential approval is a better predictor of seat loss. But economic concerns write the script for the 2026 election.
Let’s do take a moment to reiterate what all have said before: compare Trump approval in term 1 and term 2. While there has been steady decline in net approval in the second term, the first year of the first term was lower and reached what is still the lowest point of either term at -19.4. My estimate of the lowest net approval of the second term is -16.8 on April 6. As of April 9 the net approval estimate is -16.5. You can, of course, consult the many other websites on Substack and elsewhere for alternate estimates of the approval trends. These are mine. Some are a little better for Trump and some a little worse. We all tell the same qualitative story and show very similar bumps and wiggles.

I’ve added annotation for some significant events around the times of movement in approval. See Elliott Morris’s look at consequential events for Trump 2 approval at his Strength in NumbersSubstack. I have slightly different notable events based on my judgement rather than statistical fits.
In the first term approval fell around Trump’s effort to replace Obamacare, and continued down until the passage of the Ryan tax cut package in December 2017. After that, net approval rose until it stabilized at about -10 where it remained through the midterms.
In the second term so far, we’ve not seen a sustained recovery in net approval. After the negative reaction to “Liberation Day” tariffs, approval declined until Trump announced he was pausing the tariffs and negotiating. That bought back some approval points in the late spring, only to again start declining by June. Likewise the October government shutdown coincided with a drop in approval, with some recovery after the shutdown ended. The most recent period of decline has not seen a similar recovery period so far.
This is not to say there can be no approval recovery. We know not what events may occur over the next 207 days until the election. But we do know that inflation and the cost of living has been the most important problem in surveys since the inflation spike in 2021-22, and it has remained the number one problem throughout Trump’s second term. The vast difference in consumer sentiment in the second term compared to the first shows vividly that the economy is not the life preserver the president and his party seek.
















