president joe bidens first term in office has been a unique one from an economic perspective and biden now finds himself in a situation that no other us president has faced since 1952 historically the economy and the jobs market have been highly correlated to a presidents approval rating as of april the us unemployment rate stood at just 34 its lowest level since 1969 at the same time bidens approval rating has dropped to around 37 the lowest of his presidency so far related link wow elon musk shocked by viral video of migrant rush along usmexico border rare combination on thursday bank of america economist michael hartnett said its been more than 70 years since a us president had an approval rating of 37 or lower when the unemployment rate was so low hartnett said theres a simple explanation why americans arent necessarily happy with simply having a job inflation related link trumps niece calls his cnn townhall a tragedy for american democracy cannot destroy our country by himself  requires allies the consumer price index cpi climbed another 49 in april and the us economy added 253000 jobs in april in fact hartnett said theres a strong case for the federal reserve to continue raising interest rates in june given the resilience of the jobs market and the persistence of rising prices investors have plenty of reason to disapprove of bidens impact on the market up to this point the spdr sp 500 etf trust spy is up a lackluster 68 since biden took office in january 2021 benzingas take despite bidens historically low approval rating there is some good news for the president as well the predictit online prediction market still has biden as the most likely winner of the 2024 election at 43 followed by republican frontrunner donald trump at 35 and republican florida gov ron desantis at 20