Trump's Job Approval Rating Drops To Record Low, Breaking Key Correlation

Tyler Durden's picture

In the first week of February, a Credit Suisse analysis concluded that there was only one chart that mattered to markets: that of Trump's approval rating. As the bank's analyst Lori Calvasina wrote at the time, "US stocks have been trading closely with shifts in Trump’s favorability, as have 10 year Treasury yields...

...the Dollar, and crude oil."

She said that "within US equities, small caps, value, Financials, cyclicals, domestic revenue producers, and high tax payers have been particularly tied to shifts in Trump’s favorability, as has the performance of companies headquartered in states that voted for Trump."

We summarized Credit Suisse's observations by noting that "everything appears to be trading in lockstep with Trump's shifting approval rating" and concluded that "ironically, in a time when dispersion between various stocks has reportedly soared, correlation between virtually all asset classes has collapsed, and it is all linked to just one thing: Trump approval rating. For the sake of market bulls, let's hope that Trump's favorability rating never crashes, or otherwise the artificial, central-bank created construct known as "the market" will go down with it."

In retrospect, it appears that Credit Suisse's finding may have been premature, because according to the latest Gallup polling data, Trump's favorability, as judged by his job approval rating, has just tumbled to all time lows.

In a new poll from Gallup, President Trump's job approval rating dropped to 37%, while 58% of Americans disapprove of his performance so far as president.

The approval ratings, Trump's worst since taking office two months ago, came as FBI Director James Comey was being grilled by Congress over Russian involvement in the election, in which he denied the President claim that former President Barack Obama wiretapped Trump Tower during the election. Trump's approval rating hovered in the mid-to-low 40s in the weeks following the beginning of his presidency.

However, a troubling new development for Trump is that the latest poll numbers suggest rising dissatisfaction with Trump's approach following the controversial and at times chaotic rollout of the Republicans' plan to replace Obamacare. Gallup tracks daily the percentage of Americans who approve or disapprove of Trump's job performance. The daily results are based on telephone interviews with about 1,500 national adults and have a margin of error of 3 percentage points.

Or perhaps there is no correlation between Trump's job approval and his overall support, because a quick look at the "soft data" indicator, and its gaping divergence with actual "hard" economic data, confirms that the Trump-driven euphoria continues apace.

Unless of course, Trump's rating is a leading indicator to everything else. In which case, first it will be the soft data, and then the market itself, that will follow Trump's declining approval rating as the animal spirits fizzle.

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Peak Finance's picture

 - Budget did not cut enough

 - Ryancare sucks

Come on Trump., you can do better!!!

AllTimeWhys's picture

Polls sure are accurate these days

jcaz's picture

LOL- Gallup- they make 23 phone calls to determine their basis-  for which they hire out......

hedgeless_horseman's picture

 

He just needs to invade North Korea, and Venezuela.

FrozenGoodz's picture

Color nobody surprised ... a lot of golf, failed Exec Orders, and embarassment to date

USisCorrupt's picture

I'm with TRUMP !

These Polls are BULLSHIT, just more FAKE News.

The central planners's picture

If he wouldnt be another zionist puppet he would have my support right now. But hes not.

froze25's picture

Unless they provide the polling methodology and how the samples were taken and the politics of those asked this isn't worth even looking at.

BaBaBouy's picture

CUTTING ARTS and PBS Funding ... Raising New Healthcare Costs ... Increasing WAR Spending

WTF is that ???

Disasterous...

Handful of Dust's picture

He needs to encourage BLM to kill some peeples, invite some thugs to the wh for a beer, claim how muc he loves "the oppressed," and hand out more free shit to the FSA ... that would boost his ratings.

Worked for Soweeto.

BaBaBouy's picture

I think he's aged like 3 years since he got in ...

johngaltfla's picture

Let's see, Trump approval rating is a poll.

Most polls said Hillary Clinton would win the election.

Also most polling happens on the two costs which are notoriously liberal in their bias, even with "registered" Republicans.

Hence I call Trump's approval rating what it is:

#FakeNews

e_goldstein's picture

That's putting it kindly.

Where I come from the phoney numbers are referred to as "bullshit."

American Psycho's picture

Now might be a good time for Schwarzenegger to ask dinner attendees to "start parying for Trump's ratings to improve." you know, like The Don did for The Apprentice's ratings.

MagicHandPuppet's picture

That's fine, but when will they release the poll that excludes illigal immigrants and moozy invaders?

Pinch's picture

Don't worry, Trumps approval rating is still SKY HIGH here at ZH!!!

Ya bunch of deluded Morons.

MagicHandPuppet's picture

cheer up, Snowflake.  It's going to be eight GLORIOUS years of your tears ;-)

Big Twinkie's picture

Pinch are you a masochist or a paid dickhead?  You realize that you are "here at ZH!!!", what are we to think of someone who calls himself a deluded moron?

JRobby's picture

Who are they surveying?

The idiot in the "what happens next is horrifying and insane" picture above? Chomped by a polar Bear?

Stupid fucking TROLL down voters in your rapist uncle's basement dicking with his child porn computers. You are from a long line of turd eating losers.

wren's picture

Where are they polling their data from? FaceBook? Whatever. He's had 2 months and we're looking at his approval rating? What a joke.

sleigher's picture

They can't help themselves.   Trump, since taking office, is doing or attempting to do exactly what he promised.  Precisely the opposite of every president for the last 30 years if not longer.  What else can they do except make up fake polling data telling us we think he sucks.  I mean, the Russian thing is a total failure.  What else do they have really?  They can try to kill him I guess but I think that will have an unexpected outcome.

stubb's picture

He's walked back every one of his campaign promises since the day he took office. The only one he's even been trying to keep is the Mexico wall. He's been caving even in areas where he didn't have to, like retaining upper-level Obama deadwood and installing that idiot McMasters as Security Advisor. The libs are never going to like him no matter what he does, but now he's losing the support of the people who voted for him by being such a tool and a welcher. 

TheMeatTrapper's picture

Nope. You're wrong. He is keeping his promises and his rallies are still packed. Try again.

StagStopa's picture

That's "disastrous", genius. Fify

Rox

American Psycho's picture

at least he got the SCOTUS right.  That was 50% of my reason for voting for him.  If he tells Ryan to take a hike and gets on board with Rand's healthcare plan I'll be content. 

eatthebanksters's picture

Consider the source...Gallup had Hillary up by 4+...

Countrybunkererd's picture

most were too worried of some guy's lost football jersey and since they found it the approval rating dropped.

Oldwood's picture

Low approval rating are the cost of extremely high expectations. Much is expected of Trump, and unlike feel good platitudes of Obama, Trump's expectations are real and verifiable. Most who voted for him did so with a certain level of desperation, KNOWING that if he fails, WE FAIL...ALL OF US. We know it's expecting a lot....from a man, but also from a government that has virtually destroyed this nation to make it over into something more of its liking, something compliant and self sacrificing....a STATIST society....ask NOT what your country can do for you, ask what YOU can do for your GOVERNMENT. We are hoping for the best while expecting the worst, and each new apparent failure of Trump to WIN BIG LEAGUE, depresses us further. We are in the fight of our nation's life and take any defeat as life threatening. We know who our enemy is, and it's NOT Russia. It is our government...dominated by corruption and led by progressives, who will use the communists as easily as the neocons to destabilize our society and the world.

Warthog777's picture

Well said sir.  Let us not forget to mention the incessant public attacks on the President, his staff, his cabinet, and even his family, by communists, globalists, and satanists the world over.   UNPRECEDENTED!  Perhaps that might affect his polling, if you were inclinded to believe them.  I am not.

simulkra's picture

"communists globalists satanists" why the repitition?

44_shooter's picture

If nothing else, I love how hard your dick got bent over Trump.  Fuck you Ha ha ha ha ha......MAGA bitch

DrewJackson's picture

Hey Bro..... STILL ROCK HARD....   #MAGA

 

 

froze25's picture

Obama had plenty of Executive orders, the RINO's did nothing. I do agree with you though he was an embarrassment.

TheABaum's picture

Right, Obama set records for playing golf, taking vacations, and otherwise jerking off and now we are suddenly supposed to worry about golf.

The Executive Orders didn't "fail", the courts decided to make illegal immigration a right-it's time to start hitting them where it hurts-in the budget, so they don't have so many clerks and perks. 

But thanks for the hypocrisy, troll. 

Fuck you.

Bigly's picture

I call bullshit on their sampling.  We already know how awesome cankles was...until she wasn't.  I say >50% easy....

Xscream's picture

geeeez    dont give the mic ideas 

TwelveOhOne's picture

Interesting juxtaposition with your capitalization: "drop the mic"...

Pinto Currency's picture

jcaz - right on.
Gallup, enough said.

GUS100CORRINA's picture

More FAKE NEWS from a NEWS SOURCE known for NONSENSE NEWS about MARKETS and POLITICS.

During the election, they never gave TRUMP as chance of winning need I say more!!!

DEEP STATE BUILDING A NARATIVE TO DISCREDIT THE PRESIDENT AND THAT SUCKS!!!!

OBAMA CRONIES ...

REMINDER: Just 7% of Journalists Call Themselves Republican

vato poco's picture

LIES - BULLSHIT - WHOPPERS TO ADVANCE THEIR AGENDA

aaaand here at ZH, the Soros $7-an-hour troll team jumps right in making derisive comments and agreeing with each other. ("Yup!" "You are SO totally right!") not really believing or even caring if it works, but just to throw sand in the gears. a pity. ZH used to have the best commentariat I've ever seen, some seriously bright fuckers, but then the booger-eating leftist scum moved in and trashed the joint. (back in the 50's Compton CA was a lovely little city, a jewelbox. an "All-American City". really. we all know how that ended up)  because that's what they DO, I guess. 

this is why we can't have nice things anymore. and what the fuck, my knee is almost healed up anyway, so back to work.

adios homies. die, booger-eating leftist scum. go suck dicks in hell with david rockefeller and jimmy savile and edward heath and ted kennedy and all the other globalist pedo filth

 

oh, yeah, almost forgot: #PIZZAGATE

Dalcan5's picture

Just the beginning of the end. Trump was never equipped for this job and it shows. The only losers who believe in him are the fringe retards on this board. Save yourselves the embarassent and leave now before the abuse really starts on you!

Got The Wrong No's picture

Jerk Off. Troll. You would like for all Trump's people to leave. George Soros would be so happy with your accomplishment that he would piss on your leg and you would be proud. 

StychoKiller's picture

In related news:  Hillary has a 98% chance of being the next Prezident!

Tarshatha's picture

"Gallup- they make 23 phone calls to determine their basis"

 

Nope, just asked a bunch of people when temple was letting out on Saturday.

VD's picture

"markets" track the polls showing "good" "news/approval ratings", but "markets" dont track polls showing "bad" "news/approval ratings" --> one way ponzi until they decide to pull the plug.

MFL5591's picture

No one believes this bullshit!

Logan 5's picture

Put Kushner on it... He's good 4 drummin up some jew support... right... RIGHT?

 

& he's SURE to demand a #PIZZAGATE investigation... U kno ~ drain the swamp & all that.

 

& if Kushner shits the bed, don't worry ~ U still have all those Goldman boys to get things right.

petar's picture

The political risk in this country is getting worse by the day