A recent CNBC All-America Economic Survey reveals that President Donald Trump’s approval rating on the economy has dropped to an unprecedented low, with 65% of Americans disapproving. This sharp decline coincides with growing economic pessimism, which now includes 35% of Republicans—a significant increase from previous months. The survey of 1,000 registered voters further indicates that eight out of ten Americans rate the economy as fair or poor, signaling widespread concerns just weeks before the midterm elections.

Economic outlook gloom has intensified across party lines, though opposition among Republicans has notably increased, marking the highest level of Republican economic dissatisfaction during Trump’s presidency. Amid these sentiments, general approval of Trump remains unchanged but low, at 40%, with a net approval rating of -19%. The economic approval rating, however, has dropped more sharply, falling from 38% in July to 34% in October, marking the worst for Trump in either of his terms.

The political consequences of these economic views are striking. The survey finds a 52% majority of Americans now favor Democratic control of Congress, a 3-point gain since July, while Republicans trail at 45%. Democrats demonstrate greater enthusiasm about the upcoming midterm, especially women, independents, and those concerned with issues like corruption, the cost of food and gas, and protecting democracy. In competitive Senate states that Trump previously won, Democratic preferences have surged by four points, indicating shifting voter dynamics ahead of November 3.

Beyond economic issues, corruption remains the top concern for voters, with an overwhelming 93% opposing elected officials’ personal stock trades linked to government contracts. Price increases for essentials also continue to deeply worry the electorate, affecting a majority across demographics but particularly impacting lower-income Americans. Despite caution among pollsters about the extent of Democratic gains, the momentum toward Democratic candidates and away from Republican support, especially on economic confidence, underscores the challenges facing Trump and his party as the midterm nears.