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The number of American voters who approve of Joe Biden's handling of the economy is rising, but concerns about inflation, including rising fuel prices, could derail his re-election, according to a new poll.
The latest monthly poll, conducted for the Financial Times and the University of Michigan's Ross School of Business, found that 41 percent of registered voters said they approved of Biden's handling of the economy.
That's a five percentage point increase from last month, when just 36 percent approved, and the highest approval rate since pollsters began surveying the question in November.
Biden's overall approval rating has risen to 43 percent, four points higher than in March and another record high since the monthly poll began.
But while Biden has improved his standing among younger voters, women, independents and black and Hispanic voters, particularly since last month's poll, it highlights warning signs for the president.
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The poll found that 41 percent of voters trusted Donald Trump more than Biden on the economy, while 35 percent preferred the president. Sixteen percent of registered voters said they didn't trust either man to handle the economy.
At the same time, the survey showed that inflation continues to weigh on voter sentiment. The latest official data released last week showed consumer prices rose 3.5 percent for the year to March, more than economists expected.
Nearly four in five voters cited price increases as one of their biggest causes of financial stress, and nearly three in four said food prices had the “biggest impact” on their financial situation. The FT-Michigan Ross poll also found a sharp increase in the number of Americans who said the cost of gasoline is putting a strain on their pockets: 52 percent said it has a big impact on their financial situation, compared to 47 percent last month.
In early April, the U.S. Energy Information Administration increased its monthly forecast for retail gasoline prices, citing rising wholesale prices for gasoline and crude oil. Rising gasoline prices also play an important role in monthly changes in inflation, according to official figures released last week.
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Still, the results are welcomed by Biden, who is struggling with persistently low approval ratings, particularly over his handling of the economy, even though the U.S. is benefiting from relatively strong growth and a robust labor market.
“Voters are more concerned about inflation than ever, but they are blaming Mr. Biden less,” said Erik Gordon, a professor at the University of Michigan’s Ross School of Business. “Mr. Biden’s recent, harsher accusations that greedy corporations are responsible for price hikes appear to have won him points.”
The poll also suggested that voters across the political spectrum were open to supporting third-party candidates. While No Labels, the nonpartisan group that had tried to put together an independent “unity ticket,” dropped its bid earlier this month, several third-party candidates are running, including environmental lawyer Robert F. Kennedy Jr., academic Cornel West and activist the Green Party's Jill Stein is still seeking access to ballots in states across the country.
Nearly half – 46 percent – of voters and two-thirds of independents said they would consider voting for a third-party candidate.
However, the latest poll showed that the majority of voters supported a number of the Biden administration's measures and policy proposals. When asked about the Justice Department's recent attempt to sue Apple for using its power to stifle competition and limit consumer choice in smartphones, nearly three-quarters of voters said big tech companies have too much power.
When asked whether they support the Biden administration's recent proposals to increase taxes on corporations and high-income individuals, nearly two-thirds said they supported the idea. If passed, the policy would require billionaires to pay at least a quarter of their income in taxes and increase the corporate tax rate from 21 percent to 28 percent.
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The FT-Michigan Ross poll was conducted online April 4-8 by Democratic strategists Global Strategy Group and Republican pollster North Star Opinion Research. It reflects the opinions of 1,010 registered voters across the country and has a margin of error of plus or minus 3.1 percentage points.
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