President Donald Trump’s low approval rating stays steady

“So far, consumers aren’t pulling back significantly, but they are clearly shifting behavior,” said Michael Gunther, senior vice president of Research & Market Intelligence at Consumer Edge, Reuters reported on June 3. “Going forward, gas prices will be key; if they stay high through summer and back-to-school season, they could start putting more pressure on discretionary spending.”

Regarding the United States’ war with Iran, which just surpassed the 100-day mark, the latest Reuters/Ipsos poll said about 36% of Americans surveyed said they approved of U.S. strikes on Iran. Meanwhile, just 25% said the benefits of the strikes have been worth the costs.

The Iran war has cost U.S. consumers around $100 billion, or roughly $750 per household, Mark Zandi, chief economist at Moody’s Analytics, said in a June 1 post on X. Zandi said the current cost-of-living spike comes from increased military spending and higher prices as a result of oil supply disruption out of the Middle East.

“The financial pressure is thus mounting quickly, particularly on already hard-pressed middle and lower-income households,” Zandi said. “With the saving rate about as low as it ever goes, unless the war ends soon and energy prices come down, they will have little choice but to rein in their spending, weighing further on the already sagging economy.”

The Reuters/Ipsos also showed that registered voters surveyed would currently vote for Democrats over Republicans 41% to 37%, if congressional elections were held today.

This is a slight contrast to similar polls conducted last year, which showed voters trusted Republicans far more with handling the nation’s economy.