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New poll shows a big change in how Americans view the economy, and it might affect the election

Photo by Joe Raedle/Getty Images

A new poll shows that for the first time in President Donald Trump's first term, more Americans believe the economy is worsening than the percentage of Americans who believe the economy is getting better.

The Quinnipiac University poll found that 37 percent of Americans responded that the economy was deteriorating, 6 percentage points more than the 31 percent who said the economy was getting better.

Another 30 percent said the forecast for the economy was holding steady in the poll released Wednesday.

This is a sharp reversal from American attitudes on the economy in the same poll from June. In that poll, 39 percent said the economy was getting better, only 23 percent said it was getting worse, and another 37 percent said it was staying the same.

The president and his allies have rested much of the argument for his reelection on the growth of the economy since he was inaugurated and the gains in the stock market. Some of those gains have been erased as Trump's trade war with China continues and escalates.

The media made much of a recession indicator called the "inverted yield curve" in the bond market, but White House trade adviser Peter Navarro criticized the reporting, saying that technically it was incorrect.

"An inverted yield curve requires a big spread between the short and long," Navarro said on CNN. "All we have had is a flat curve. It's a flat curve which is a very weak signal of any possibility."

Here's more on polling about the economy:

New CBS News poll shows 35% of Americans are pessimistic about economy www.youtube.com

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