Economy vs. Mood

2028 presidential election · popular vote · updated daily

Too close to call

The economy and the public mood point opposite ways.

Going by the economy
Republicans slightly favored
58 in 100 chance of winning the popular vote
Going by how people feel about the president
Democrats slightly favored
57 in 100 chance of winning the popular vote
Where the two forecasts sit

Two-party popular vote, not the Electoral College. If the election were today: the latest published quarters and today’s approval stand in for 2028. Source: FRED/ALFRED (BEA, BLS, Census), FOMC projections; model fits by this site; approval averages compiled by Wikipedia contributors (CC BY-SA 4.0); Gallup (1948–2024). As of October 17, 2026.

Show the numbers
Chance of winning the 2028 popular vote
ForecastRepublicansDemocrats
Economy58%42%
Mood43%57%

Tested on elections they hadn’t seen, the economy method picked the popular-vote winner in 17 of the last 20, the mood method in 16. Every miss is shown.

The economy forecast uses growth, prices and income since the last election. The mood forecast uses only the president’s approval rating. Popular vote means the national vote count, not the Electoral College. Same formula every day; how the words above are chosen.

Dig deeper

How the two forecasts have moved, what drives each one, and the four models behind them.

Economic data not yet published:Use the latest numbersUse the Fed’s forecasts
Economy forecast built from:Two modelsThree models
The gap: 15 points between the two lines
Daily tracking began October 14, 2026; the chart grows each day.
Three modelsMoodGap

If the election were today: the latest published quarters and today’s approval stand in for 2028. Source: FRED/ALFRED (BEA, BLS, Census), FOMC projections; model fits by this site; approval averages compiled by Wikipedia contributors (CC BY-SA 4.0); Gallup (1948–2024). As of October 17, 2026.

Show the numbers
Chance Republicans win the 2028 popular vote
DateThree modelsMoodGap (pts)
October 14, 202657.6%43.3%14.3
October 15, 202657.6%43.3%14.3
October 16, 202657.6%43.3%14.3
October 17, 202657.6%43.3%14.3
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What moves each line

Each bar is how far one input pushes the Republican share away from an average past election. The grey bar is the edge the models give a party in power in a typical year.

Economy: real income growth per person matters most

Two-party popular vote, not the Electoral College. Source: FRED/ALFRED (BEA, BLS, Census), FOMC projections; model fits by this site. As of October 17, 2026.

Show the numbers
Push on the Republican two-party share, percentage points
InputPoints
Typical party-in-power edge+1.6
Real income growth per person−1.1
No incumbent on the ballot−1.0
Time the party has held power+0.9
Presidential approval−0.8
Party in its first term+0.5
Which party holds the White House+0.3
Inflation over the term−0.2
Growth per person (latest 3 quarters)−0.2
Quarters of strong growth+0.2
US war deaths+0.2
Mood: approval of −22.4 pulls it down 3.6 points

Two-party popular vote, not the Electoral College. Source: approval averages compiled by Wikipedia contributors (CC BY-SA 4.0); Gallup (1948–2024). As of October 17, 2026.

Show the numbers
Push on the Republican two-party share, percentage points
InputPoints
Typical party-in-power edge+1.6
Presidential approval−3.6
Party in its first term+1.5

Years like this one

The past elections whose economies most resemble today’s, by growth, inflation, unemployment and real income. How this is measured.

2024

Democrats held the White House and lost the popular vote with 49.2%.

Growth 1.6%, inflation 4.5%, unemployment 4.1%.

2004

Republicans held the White House and won the popular vote with 51.2%.

Growth 2.9%, inflation 2.0%, unemployment 5.4%.

1996

Democrats held the White House and won the popular vote with 54.7%.

Growth 1.8%, inflation 2.3%, unemployment 5.2%.

The four models

Fair Economy line

68%

51.6% Republican share · typical backtest error ±3.4 pts

Growth, inflation and strong-growth quarters, plus incumbency and how long the party has held power.

Bread and Peace Economy line

33%

47.9% Republican share · typical backtest error ±4.7 pts

Real income growth per person over the whole term, recent quarters weighted most, and US war deaths.

Time for Change Three-model toggle

57%

50.8% Republican share · typical backtest error ±4.6 pts

Second-quarter GDP growth, June presidential approval, and whether the party is in its first term.

Mood Mood line

43%

49.5% Republican share · typical backtest error ±3.2 pts

June presidential approval and whether the party is in its first term. Nothing else.