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Donald Trump has lost some of his lead over Joe Biden on the economy in a monthly poll of American voters, one of the first signs that months of strong economic data are finally boosting the president's re-election chances.
A new poll by the Financial Times and the University of Michigan Ross School of Business found that Trump's lead among registered voters when asked which of the two candidates they trusted more to manage the economy fell from 11 points in February to just 4 points in June.
The poll, conducted between May 30 and June 3, shortly after Trump was convicted in New York over hush money payments to porn star Stormy Daniels, found that 41% of voters nationwide said they trusted Trump, compared with 37% who trusted Biden. 17% said they didn't trust either candidate.
Though Biden's approval rating has risen seven points since February, the survey still showed harsh sentiment toward the Democratic candidate, with his management of the economy remaining lackluster and voters saying it is their top issue heading into November.
The survey results come despite the U.S. economy continuing to perform well, with robust consumer spending and low employment boosting gross domestic product and helping to drive stock prices to record highs.
But the FT-Michigan Ross poll revealed continued worries about the prices of housing, food and other items, with nearly 80% of respondents naming inflation as one of the top three causes of financial stress.The Federal Reserve is expected to keep high interest rates on borrowing costs for the United States unchanged when it meets on Wednesday as part of a continuing effort to keep prices in check.
While Biden's approval ratings are improving, the president has stepped up his attacks on his predecessor with five months to go until Election Day. On Friday, in a speech in France marking the anniversary of the Normandy landings, the president called on American voters to stand up for democratic rights that he says are being threatened by Trump.
The two are scheduled to face off in a televised debate in Atlanta, Georgia, later this month.
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“The economy is the No. 1 issue for voters, so the Trump campaign should be worried that his lead is narrowing in who voters trust on the economy,” said Eric Gordon of the Ross School of Business.
“Voters care more about the economy than they do about immigration or foreign policy or other election issues,” Gordon added. “To win the election, you have to convince voters that you're going to do your best on the economy.”
The latest polling shows that Biden is especially popular with older voters, while younger voters favor Trump on his handling of the economy. Among voters ages 18 to 54, Trump has a 10-point advantage on his handling of the economy. Biden leads Trump by one point among voters ages 55 and older.
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Biden's advantage with older voters was also evident in a new poll question asking which candidate people trusted to lower health care costs, including drug prices and insurance premiums. Biden outperformed Trump, with 41% of voters saying they trusted Biden, compared with 39% who chose his Republican rival. Biden had a 7-point advantage among Americans over 55.
The president's reelection campaign has frequently highlighted his administration's efforts to cap insulin prices at $35 a month for seniors who get health insurance through Medicare, the federal program that covers Americans over 65.
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Yet the FT/Michigan Ross poll continues to show the president's weaknesses, with his economic approval ratings remaining low amid continued public frustration over high prices and inflation.
Just one in five American voters say they have become better off financially since Biden took office this month, while just over half say they have become worse off financially.
