It's Been 70 Years Since A President With Unemployment At 3.4% Had Approval Ratings As Low As Biden's

President Joe Biden's first term in office has been a unique one from an economic perspective, and Biden now finds himself in a situation that no other U.S. president has faced since 1952.

Historically, the economy and the jobs market have been highly correlated to a president's approval rating. As of April, the U.S. unemployment rate stood at just 3.4%, its lowest level since 1969. At the same time, Biden's approval rating has dropped to around 37%, the lowest of his presidency so far.

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Rare Combination: On Thursday, Bank of America economist Michael Hartnett said it's been more than 70 years since a U.S. president had an approval rating of 37% or lower when the unemployment rate was so low.

Hartnett said there's a simple explanation why Americans aren't necessarily happy with simply having a job: inflation.

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The consumer price index (CPI) climbed another 4.9% in April, and the U.S. economy added 253,000 jobs in April. In fact, Hartnett said there's 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 Biden's impact on the market up to this point. The SPDR S&P 500 ETF Trust SPY is up a lackluster 6.8% since Biden took office in January 2021.

Benzinga's Take: Despite Biden's 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%.

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