(CN) – Despite an ever growing optimism about the general future of the economy, President Donald Trump’s approval ratings have declined since December, according to a new poll released Wednesday.
The CNBC All-American Economic Survey found that Trump’s approval rating fell from 42 percent in December to 39 percent in March.
Despite the president’s claims of tax cuts boosting the middle class, only 35 percent of employed middle class Americans reported seeing bigger paychecks. Over half of those asked said they saw no change in their take home earnings.
The Dow Jones receded from a record high of over 25,000 in January; First, over concerns of inflation brought on by wage increases and then over fears of a potential trade war sparked by President Trump’s 10 percent tariff on imported aluminum and 25 percent tariff on imported steel.
Only 29 percent of those polled support the tariffs, compared to 35 percent who oppose them. Another 44 percent said they think the tariffs will raise consumer prices.
On Wednesday, the Dow closed down 9 points after losing 345 points on Tuesday. The Nasdaq and S&P 500 also closed lower. According to the poll, Trump’s economic approval rating slightly decreased from 47 percent in December to 45 percent in March.
Despite decreased confidence in the president, Americans remain optimistic about the economy. Half of those polled said they think the economy is doing well, with 38 percent who said they think the economy will improve over the course of the year.
Additionally, 41 percent of homeowners expect their property values to increase, the highest amount since 2007. They’re not wrong to think so. In an analysis done by real estate database company Zillow, national home values increased 6.5 percent in 2017.
Opinions on which major political party is better at handling the economy flip-flopped from December when a 35 percent to 25 percent margin said they thought Democrats were better at it. In Wednesday’s poll, those numbers flipped 35 to 30 percent in favor of Republicans.
The poll surveyed 800 Americans and was conducted March 17 – 20. It carries a 3.5 percent point margin of error.