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Just 36% say they approve of the job President Trump is doing, a 5-point drop from last month, according to the latest IBD/TIPP poll. Fifty six percent disapprove of Trump's job performance, up from 53% the month before.

The drop in Trump's approval rating comes after a spate of bad news, including the conviction of his former campaign chairman on eight counts of fraud and a guilty plea on campaign finance charges by Trump's former lawyer, which sparked a torrent of impeachment talk. Trump also caught flak for his handling of Sen. John McCain's passing.

The sharp decline also comes with the midterm elections now just over two months away.

The broader IBD/TIPP Presidential Leadership Index plunged 11.6% to 40.4. That's one of the biggest monthly drops since IBD started tracking this index in January 2000. The proprietary Leadership Index combines results from several questions on approval, favorability and strength of leadership.

Trump's Approval: Losing GOP Support

Trump lost significant ground on job approval with Republicans this month, which fell from 83% last month to 76% this month. Among independents, Trump's approval dropped 4 points to 33%. Democratic approval has never been above the low single digits.

He also saw a big drop in support from men (it went from 49% last month to 40% today). His backing among women, however, barely changed. It's currently 32%.

Regionally, his biggest losses came in the Northeast, where his approval rating dropped 12 points. In the West, his approval declined only 2 points.

His support among rural dwellers plunged 15 points — going from 60% to 45%. It fell 7 points among suburban voters to 35%.

The Real Clear Politics average of recent national polls has Trump's approval at 42.8, which is down from a point from the week before.

Blue Wave Building?

Trump's sagging approval appears to be improving Democrats chances of taking control of the House after the midterm elections. Last month, the IBD/TIPP poll showed registered voters split at 45%-45% on whether Congress should be controlled by Republicans or Democrats.

The current poll shows Democrats with an 11-point advantage. Fifty percent now say they'd prefer Congress controlled by Democrats, with 39% favoring Republican control.

Trump's sharp drop in approval comes in the midst of continued signs of a strong economy.

The Commerce Department revised its GDP growth figure for the second quarter upward to 4.2%. The IBD/TIPP Economic Optimism Index hit an all-time high last month (the latest numbers will come out on Tuesday, Sept. 4). Trump also scored a victory on trade with Mexico, which agreed to revisions to NAFTA.

Trump's Approval: High Marks On The Economy

And while the public doesn't approve of Trump's overall job performance, 45% give him top marks for his handling of the economy.

"Despite an economy firing on all cylinders, President Trump still must contend with the sensationalism surrounding Special Counsel Mueller's ongoing Russia investigation," said Raghavan Mayur, President of TechnoMetrica Market Intelligence, which conducts the monthly IBD/TIPP poll. "He also faced criticism for his response to the recent passing of Senator John McCain."

"In addition, the escalating feud between Trump and Attorney General Jeff Sessions, along with news surrounding White House counsel Don McGahn, have given the impression of some disarray within the White House," Mayur added.

"Trump's approval numbers might also be a result of the public expressing concerns over rising consumer prices and the economic impact of potential auto tariffs," he said.

To that end, the IBD/TIPP Financial Related Stress Index jumped 8.2% to reach 51.3. That's still well below the 11-year average of 59.2 for this index.

Other findings:

  • 60% say any talk of impeaching Trump is premature.
       
  • A plurality believe the Trump tax cuts have had a positive effect on the economy: 37% say yes, compared with 26% who say no. The remainder said they had no impact (23%) or weren't sure (14%).
       
  • 29% say they've seen higher take home pay as a result of the tax cuts.
       
  • The share of "job sensitive" households — those with someone looking for work and/or worried about being laid off — saw a three-point drop this month to 24%.
       
  • 46% say they are satisfied with the direction of the country.

Methodology: IBD/TIPP conducted the latest poll from August 23 to August 30. It includes responses from 902 adults nationwide, who were asked questions by live interviewers on phones. The poll's margin of error is +/-3.3 percentage points. The generic ballot question includes responses from 830 registered voters. (Toplines from the poll will post here next week.)

The IBD/TIPP Poll has been credited as being the most accurate poll in the past four presidential elections, and was one of only two that correctly predicted the outcome of the November 2016 presidential election.

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