New findings from Gallup pollsters indicate a significant decline in public confidence regarding President Biden’s management of the economy.

According to a new poll released Monday by Gallup, the level of trust in the president’s economic “stewardship” of the economy is “historically low.” The sentiment is particularly crucial as Mr. Biden approaches a potential reelection campaign, with the survey highlighting that confidence in a sitting president’s ability to address economic issues is at its lowest point compared to previous presidencies since such data began to be recorded.

“With Americans less optimistic about the state of the U.S. economy than they have been in recent months and concern about inflation persisting,” the pollster said in a release on Monday morning, public confidence that Mr. Biden will “recommend or do the right thing for the economy is among the lowest Gallup has measured for any president since 2001,” .

The implications of these findings are significant, not only for the current administration’s efforts to address the nation’s economic concerns but also for the political landscape as the 2024 election nears.

Americans also don’t have much confidence in other emembers of Mr. Biden’s economic team.

“Biden is not alone in facing a skeptical public, as Federal Reserve Chair Jerome Powell, the Republican and Democratic leaders in Congress, and presumptive presidential nominee Republican Donald Trump garner confidence ratings below 50%,” Gallup said.

President Trump fared better in the poll.

“Forty-six percent of U.S. adults say they have ‘a great deal’ or ‘a fair amount’ of confidence in Trump to do or recommend the right thing for the economy,” Gallup said. Meanwhile, a smaller percentage, just 38 percent, said the same of Mr. Biden. Of Mr. Powell, 39 percent expressed confidence, and 38 percent said they had faith in Democratic leaders in Congress. Republican leaders in Congress, fared still worse, earning the confidence of but 36 percent of respondents.

Gallup concluded that Mr. Biden faces an uphill road to re-election. “Biden’s subpar rating could have significant electoral implications as not only does he have the lowest economic rating of any president seeking reelection since Gallup began tracking this in 2001, but independents trust his opponent more than him,” the pollsters wrote.