Dow Down 7.4%, but Rural Approval of Trump’s Economy Falls an Even Steeper 10 Points—The Heartland’s 401(k) Pain Is Personal

On Election Day 2024, the U.S. economy was top of mind for millions of voters. According to a pre-election survey, 78% of Americans said the economy was a “very important” factor in deciding how to vote — the largest share of any policy area included in the poll. When Donald Trump took office in January 2025, Americans were generally optimistic about the new administration’s economic agenda. Now, just over 100 days into Trump’s second term, much of that optimism has faded.

Between January 21, 2025, Trump’s first full day in office, and May 1, 2025, the Dow Jones Industrial Average and the S&P 500 indices each shed 7.4% of their value, erasing trillions of dollars of wealth from the stock market. Moreover, the Consumer Confidence Index has fallen to its lowest level since the beginning of the COVID-19 pandemic, and consumers’ short-term economic expectations have plummeted to a low not seen in well over a decade.

Widespread fear and pessimism among American investors and consumers is well founded, as the U.S. may be in the early stages of a recession. A recent report from the Bureau of Economic Analysis shows that America’s real gross domestic product declined by 0.3% in Q1 of 2025 — the first quarterly economic contraction in over three years.

Much of the economic damage reflected in these key indicators are directly linked to President Trump’s economic policies — specifically, in the sweeping suite of tariffs he announced in early April, the largest and most punitive of which were selectively leveled at America’s most important trading partners. The Trump administration maintains that these tariffs will ultimately benefit the U.S. economy. However, recent survey results show that a growing number of Americans are uncomfortable with so much economic uncertainty. (Here is a look at the biggest geopolitical conflicts Trump will have to confront.)

Using data from public opinion research company Morning Consult, 24/7 Wall St. identified the Americans who are souring on Trump’s economic policies. We reviewed polling results among multiple demographic groups and subgroups — including gender, race, religion, educational attainment, employment status and sector, income, age, voting history, and political ideology and affiliation, among others — and ranked them on the change in their approval rating of Trump’s handling the economy over the last two months. The baseline, pre-tariff announcement survey was conducted from Feb. 21-24, 2025, and the latest survey numbers were collected from April 25-27, 2025.

Over the last two months, support for Trump’s economic policies has eroded in all but one of the 55 demographic groups considered for this story. Among the 34 demographic groups that rank on this list, Trump’s economic approval rating has fallen by anywhere from 4.5 to 10.1 percentage points.

For several of the groups on this list — such as registered Democrats, religious agnostics, and Black Americans — Trump’s economic policies have never been especially popular. Still, some of the largest declines in Trump’s economic approval ratings have been reported among groups that constitute his base, including registered Republicans, Evangelical Christians, and Americans living in rural communities.

Notably, among all registered voters, approval of Trump’s economic policies has fallen by 5.7 percentage points since late February. Partially as a result, Trump’s economic net-approval rating among the voting public — or the share of voters who approve of his policies less those who disapprove — has cratered from a positive 6.8 percentage points, to being 6.2 points under water in the last two months. (Here is a look at why consumer confidence is cratering.)

These are the Americans who are souring on Trump’s economy:

Why It Matters

In his first 100 days in office, President Donald Trump imposed across the board tariffs on all of America’s trading partners — a move that may present the biggest disruption to global trade in at least a century. Trump’s tariffs are fueling a surge in economic uncertainty in the United States — and uncertainty, rarely favorable for business leaders and investors, is an enemy of growth. As recession risk continues to rise, popular support for Trump’s economic policies is eroding rapidly — even among some demographic groups who helped vote him into office.

34. Black Americans

• Change in approval rating of Trump’s economic policies since late February: -4.5 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 31.5% in late April; 36.0% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 58.2% in late April; 50.3% in late February
• Share of demographic group with no opinion Trump’s economic policies: 10.2% in late April; 13.7% in late February
• Net-approval of Trump’s economic policies among demographic group: -26.7% in late April; -14.3% in late February

33. Workers earning less than $50,000 per year

• Change in approval rating of Trump’s economic policies since late February: -4.5 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 39.4% in late April; 43.9% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 51.9% in late April; 46.6% in late February
• Share of demographic group with no opinion Trump’s economic policies: 8.7% in late April; 9.5% in late February
• Net-approval of Trump’s economic policies among demographic group: -12.5% in late April; -2.8% in late February

32. Christians

• Change in approval rating of Trump’s economic policies since late February: -4.5 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 50.8% in late April; 55.4% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 44.0% in late April; 38.0% in late February
• Share of demographic group with no opinion Trump’s economic policies: 5.2% in late April; 6.7% in late February
• Net-approval of Trump’s economic policies among demographic group: +6.8% in late April; +17.4% in late February

31. Registered Independents

• Change in approval rating of Trump’s economic policies since late February: -5.0 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 32.6% in late April; 37.5% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 55.4% in late April; 46.9% in late February
• Share of demographic group with no opinion Trump’s economic policies: 12.1% in late April; 15.6% in late February
• Net-approval of Trump’s economic policies among demographic group: -22.8% in late April; -9.4% in late February

30. Independent women

• Change in approval rating of Trump’s economic policies since late February: -5.0 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 28.3% in late April; 33.3% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 55.7% in late April; 48.1% in late February
• Share of demographic group with no opinion Trump’s economic policies: 16.0% in late April; 18.6% in late February
• Net-approval of Trump’s economic policies among demographic group: -27.4% in late April; -14.8% in late February

29. Retirees

• Change in approval rating of Trump’s economic policies since late February: -5.2 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 42.4% in late April; 47.6% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 54.0% in late April; 46.0% in late February
• Share of demographic group with no opinion Trump’s economic policies: 3.6% in late April; 6.4% in late February
• Net-approval of Trump’s economic policies among demographic group: -11.7% in late April; +1.6% in late February

28. White Americans

• Change in approval rating of Trump’s economic policies since late February: -5.3 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 47.1% in late April; 52.5% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 47.7% in late April; 40.3% in late February
• Share of demographic group with no opinion Trump’s economic policies: 5.2% in late April; 7.3% in late February
• Net-approval of Trump’s economic policies among demographic group: -0.5% in late April; +12.2% in late February

27. Residents of suburban communities

• Change in approval rating of Trump’s economic policies since late February: -5.4 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 42.0% in late April; 47.4% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 51.9% in late April; 44.6% in late February
• Share of demographic group with no opinion Trump’s economic policies: 6.1% in late April; 8.0% in late February
• Net-approval of Trump’s economic policies among demographic group: -9.8% in late April; +2.8% in late February

26. Women

• Change in approval rating of Trump’s economic policies since late February: -5.6 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 36.8% in late April; 42.3% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 54.0% in late April; 46.9% in late February
• Share of demographic group with no opinion Trump’s economic policies: 9.2% in late April; 10.8% in late February
• Net-approval of Trump’s economic policies among demographic group: -17.3% in late April; -4.6% in late February

25. All registered voters

• Change in approval rating of Trump’s economic policies since late February: -5.7 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 43.6% in late April; 49.2% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 49.8% in late April; 42.5% in late February
• Share of demographic group with no opinion Trump’s economic policies: 6.6% in late April; 8.3% in late February
• Net-approval of Trump’s economic policies among demographic group: -6.2% in late April; +6.8% in late February

24. Americans living in the West

• Change in approval rating of Trump’s economic policies since late February: -5.8 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 40.1% in late April; 45.9% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 54.4% in late April; 46.6% in late February
• Share of demographic group with no opinion Trump’s economic policies: 5.5% in late April; 7.5% in late February
• Net-approval of Trump’s economic policies among demographic group: -14.3% in late April; -0.8% in late February

23. Registered Democrats

• Change in approval rating of Trump’s economic policies since late February: -5.9 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 15.4% in late April; 21.3% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 79.6% in late April; 71.0% in late February
• Share of demographic group with no opinion Trump’s economic policies: 5.0% in late April; 7.8% in late February
• Net-approval of Trump’s economic policies among demographic group: -64.2% in late April; -49.7% in late February

22. Republican women

• Change in approval rating of Trump’s economic policies since late February: -5.9 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 76.0% in late April; 81.9% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 16.4% in late April; 12.1% in late February
• Share of demographic group with no opinion Trump’s economic policies: 7.6% in late April; 6.0% in late February
• Net-approval of Trump’s economic policies among demographic group: +59.6% in late April; +69.8% in late February

21. Men

• Change in approval rating of Trump’s economic policies since late February: -6.0 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 51.0% in late April; 57.0% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 45.2% in late April; 37.5% in late February
• Share of demographic group with no opinion Trump’s economic policies: 3.8% in late April; 5.5% in late February
• Net-approval of Trump’s economic policies among demographic group: +5.8% in late April; +19.4% in late February

20. Americans in the 45-64 age group

• Change in approval rating of Trump’s economic policies since late February: -6.3 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 44.2% in late April; 50.5% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 48.6% in late April; 41.8% in late February
• Share of demographic group with no opinion Trump’s economic policies: 7.2% in late April; 7.7% in late February
• Net-approval of Trump’s economic policies among demographic group: -4.4% in late April; +8.7% in late February

19. Registered Republicans

• Change in approval rating of Trump’s economic policies since late February: -6.7 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 78.3% in late April; 85.0% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 16.8% in late April; 10.8% in late February
• Share of demographic group with no opinion Trump’s economic policies: 4.9% in late April; 4.1% in late February
• Net-approval of Trump’s economic policies among demographic group: +61.5% in late April; +74.2% in late February

18. Americans who voted for Donald Trump in 2024

• Change in approval rating of Trump’s economic policies since late February: -6.8 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 79.0% in late April; 85.8% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 15.4% in late April; 9.0% in late February
• Share of demographic group with no opinion Trump’s economic policies: 5.6% in late April; 5.2% in late February
• Net-approval of Trump’s economic policies among demographic group: +63.7% in late April; +76.9% in late February

17. Workers earning over $100,000 per year

• Change in approval rating of Trump’s economic policies since late February: -6.9 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 48.7% in late April; 55.6% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 48.2% in late April; 39.6% in late February
• Share of demographic group with no opinion Trump’s economic policies: 3.1% in late April; 4.7% in late February
• Net-approval of Trump’s economic policies among demographic group: +0.6% in late April; +16.0% in late February

16. Workers earning between $50,000 and $100,000 per year

• Change in approval rating of Trump’s economic policies since late February: -7.0 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 45.5% in late April; 52.5% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 48.4% in late April; 38.7% in late February
• Share of demographic group with no opinion Trump’s economic policies: 6.1% in late April; 8.8% in late February
• Net-approval of Trump’s economic policies among demographic group: -2.9% in late April; +13.8% in late February

15. Americans living in the Midwest

• Change in approval rating of Trump’s economic policies since late February: -7.1 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 40.8% in late April; 47.9% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 51.1% in late April; 45.2% in late February
• Share of demographic group with no opinion Trump’s economic policies: 8.1% in late April; 6.9% in late February
• Net-approval of Trump’s economic policies among demographic group: -10.3% in late April; +2.7% in late February

14. GenXers, born between 1965-1980

• Change in approval rating of Trump’s economic policies since late February: -7.2 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 45.1% in late April; 52.4% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 46.7% in late April; 40.4% in late February
• Share of demographic group with no opinion Trump’s economic policies: 8.2% in late April; 7.2% in late February
• Net-approval of Trump’s economic policies among demographic group: -1.6% in late April; +11.9% in late February

13. Evangelical Christians

• Change in approval rating of Trump’s economic policies since late February: -7.5 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 57.2% in late April; 64.7% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 35.6% in late April; 27.7% in late February
• Share of demographic group with no opinion Trump’s economic policies: 7.2% in late April; 7.6% in late February
• Net-approval of Trump’s economic policies among demographic group: +21.6% in late April; +37.0% in late February

12. Self-employed workers

• Change in approval rating of Trump’s economic policies since late February: -7.6 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 43.7% in late April; 51.3% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 50.7% in late April; 36.1% in late February
• Share of demographic group with no opinion Trump’s economic policies: 5.6% in late April; 12.7% in late February
• Net-approval of Trump’s economic policies among demographic group: -7.0% in late April; +15.2% in late February

11. Republican men

• Change in approval rating of Trump’s economic policies since late February: -7.8 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 80.2% in late April; 88.1% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 17.1% in late April; 9.8% in late February
• Share of demographic group with no opinion Trump’s economic policies: 2.7% in late April; 2.2% in late February
• Net-approval of Trump’s economic policies among demographic group: +63.2% in late April; +78.3% in late February

10. Ideological moderates

• Change in approval rating of Trump’s economic policies since late February: -7.9 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 32.8% in late April; 40.6% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 58.8% in late April; 49.0% in late February
• Share of demographic group with no opinion Trump’s economic policies: 8.4% in late April; 10.4% in late February
• Net-approval of Trump’s economic policies among demographic group: -26.1% in late April; -8.3% in late February

9. Millennials, born between 1981-1996

• Change in approval rating of Trump’s economic policies since late February: -8.3 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 44.8% in late April; 53.1% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 47.0% in late April; 39.2% in late February
• Share of demographic group with no opinion Trump’s economic policies: 8.2% in late April; 7.8% in late February
• Net-approval of Trump’s economic policies among demographic group: -2.3% in late April; +13.9% in late February

8. Americans in the 35-44 age group

• Change in approval rating of Trump’s economic policies since late February: -8.4 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 44.2% in late April; 52.7% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 46.7% in late April; 40.0% in late February
• Share of demographic group with no opinion Trump’s economic policies: 9.1% in late April; 7.3% in late February
• Net-approval of Trump’s economic policies among demographic group: -2.4% in late April; +12.7% in late February

7. Private sector workers

• Change in approval rating of Trump’s economic policies since late February: -8.5 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 48.2% in late April; 56.7% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 45.6% in late April; 36.8% in late February
• Share of demographic group with no opinion Trump’s economic policies: 6.1% in late April; 6.5% in late February
• Net-approval of Trump’s economic policies among demographic group: +2.6% in late April; +20.0% in late February

6. Religious agnostics

• Change in approval rating of Trump’s economic policies since late February: -8.9 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 31.7% in late April; 40.6% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 59.4% in late April; 49.3% in late February
• Share of demographic group with no opinion Trump’s economic policies: 8.9% in late April; 10.1% in late February
• Net-approval of Trump’s economic policies among demographic group: -27.6% in late April; -8.7% in late February

5. Adults with a post-graduate degree

• Change in approval rating of Trump’s economic policies since late February: -9.0 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 44.1% in late April; 53.0% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 52.9% in late April; 41.5% in late February
• Share of demographic group with no opinion Trump’s economic policies: 3.1% in late April; 5.5% in late February
• Net-approval of Trump’s economic policies among demographic group: -8.8% in late April; +11.6% in late February

4. Democratic men

• Change in approval rating of Trump’s economic policies since late February: -9.4 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 21.4% in late April; 30.8% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 76.5% in late April; 65.4% in late February
• Share of demographic group with no opinion Trump’s economic policies: 2.1% in late April; 3.8% in late February
• Net-approval of Trump’s economic policies among demographic group: -55.1% in late April; -34.6% in late February

3. Americans living in the Northeast

• Change in approval rating of Trump’s economic policies since late February: -9.5 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 40.0% in late April; 49.5% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 54.8% in late April; 41.7% in late February
• Share of demographic group with no opinion Trump’s economic policies: 5.2% in late April; 8.8% in late February
• Net-approval of Trump’s economic policies among demographic group: -14.8% in late April; +7.8% in late February

2. Adults with a bachelor’s degree

• Change in approval rating of Trump’s economic policies since late February: -9.7 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 41.7% in late April; 51.4% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 53.9% in late April; 42.0% in late February
• Share of demographic group with no opinion Trump’s economic policies: 4.3% in late April; 6.6% in late February
• Net-approval of Trump’s economic policies among demographic group: -12.2% in late April; +9.4% in late February

1. Residents of rural communities

• Change in approval rating of Trump’s economic policies since late February: -10.1 percentage points
• Share of demographic group who approve of Trump’s handling of the economy: 48.8% in late April; 58.9% in late February
• Share of demographic group who disapprove of Trump’s handling of the economy: 44.3% in late April; 33.7% in late February
• Share of demographic group with no opinion Trump’s economic policies: 7.0% in late April; 7.5% in late February
• Net-approval of Trump’s economic policies among demographic group: +4.5% in late April; +25.2% in late February

The post Dow Down 7.4%, but Rural Approval of Trump’s Economy Falls an Even Steeper 10 Points—The Heartland’s 401(k) Pain Is Personal appeared first on 24/7 Wall St..