President Joe Biden has seen its approval rating react strongly to economic developments in 2022 and 2023. The latest rating could show that support for a possible re-election campaign in 2024 faces an uphill battle.

What happened: Joe Biden’s approval rating fell in March 2023, which could be a result of several bank failures and concerns about the banking sector and its Effects on the economy.

Biden’s approval rating for the month of March is 38% in a new poll from the Associated Press-NORC Center for Public Affairs Research.

The approval rating for the President was 45% in February and 41% in January.

This is the lowest approval rating in the poll since July 2022 (36%). after to the New York Post.

The poll shows 96 percent of Republicans reject Biden. On the Democrat side, 76% approve of Biden’s job performance.

When asked if they think the country is moving in the right direction, just 21% agreed, up from 28% in February.

Biden’s handling of the economy received a 31% approval rating, compared to a 61% disapproval rating for the month of March. By party, 96% of Republicans disapprove, while 68% of Democrats approve of Biden’s dealings, a number lower than his overall job performance rating.

One poll participant blamed Biden for causing inflation due to increased government spending during the COVID-19 pandemic.

“We put so much money into the system – it’s a bit frustrating that we were shocked that inflation hit us when a lot of our policies were inflationary.” Michael McComas, who voted Republican in the 2020 election, said.

Related link: 5 things you might not know about Joe Biden

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Why it matters: Although inflation has improved from last year’s peak, there are still major concerns among Americans.

Biden’s lowest approval rating in the poll conducted last July came at a time when gas and groceries had reached levels not seen in decades.

The drop in approval ratings…