Economy vs. Mood

Explainer · numbers from this site’s backtest, updated with each run

Does approval predict elections?

Quite well. A model using only the president’s June net approval (and whether the party is in its first term) called 16 of 20 popular-vote winners from 1948 to 2024 out of sample, with a typical miss of ±3.2 points.

The pattern

Higher June approval, bigger vote share: each 10 points of net approval has gone with about 1.5 points
Each dot is an election. Hollow dots: the Mood model picked the wrong winner. Dashed line: a simple straight-line fit (the Mood model also counts first terms).

Two-party popular vote, not the Electoral College. Source: Gallup June approval (1948–2024); Ray Fair (vote shares 1948–2020), FEC (2024); today’s approval: averages compiled by Wikipedia contributors (CC BY-SA 4.0). As of October 16, 2026.

Show the numbers
June net approval and the party in power’s two-party share
YearNet approvalShareMood model
1948−452.3%wrong winner
1952−2644.7%right winner
19565557.1%right winner
19603749.9%wrong winner
19645961.2%right winner
1968−349.4%right winner
19722361.8%right winner
1976549.0%wrong winner
1980−2744.8%right winner
19841859.1%right winner
1988853.8%right winner
1992−1746.4%right winner
19961054.7%right winner
20001550.3%right winner
2004−151.2%right winner
2008−4046.3%right winner
2012−252.0%right winner
2016451.2%right winner
2020−1947.8%wrong winner
2024−2049.2%right winner

The correlation between June approval and the result is 0.79. Out of sample, the Mood model missed the winner in 1948, 1960, 1976, 2020.

Why approval works

Approval is a running verdict on the party in power. It already contains much of what voters think about the economy, plus everything else: wars, scandals, competence. That is why it predicts well, and also why it isn’t independent of the economic models.

Its limits

  • It is measured in June, five months before the vote. Opinions can move.
  • With no incumbent on the ballot, as in 2028, the sitting president’s approval is a proxy for how voters see the party.
  • The backtest uses Gallup’s last June poll for every year. For 2028 the site uses the median of several published polling averages, which is steadier than any single poll.

What it says about 2028

Net approval today is −22. The Mood line gives Republicans 49.5% of the two-party vote and a 43% chance of winning it. See how the consensus is built on the Mood page.