Biden approval rating sinks once again, nearly matches lowest-ever rating

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President Biden's approval rating sank to nearly its lowest point ever in March, as the U.S. economy threatened disaster amid bank collapses and other economic struggles.

Biden's approval rating currently sits at just 38%, a significant drop from his 45% approval in February, according to a new poll from The Associated Press and the NORC Center for Public Affairs Research (AP-NORC). The drop comes amid the collapse of Silicon Valley Bank and Signature Bank in recent weeks, compounding existing fears of a recession.

"If Biden is doing his job, why in a state like this can you see people really suffering?" Theresa Ojuro, a 29-year-old doctoral student in New York, told the AP, saying she expected "just a little bit more stability with the economy."

AP-NORC conducted the poll from March 16-20. Researchers interviewed 1,081 U.S. adults, and the study reports a margin of error of 4%.

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President Biden's popularity has fallen to nearly its lowest point ever this month as bank collapses feed fear of economic trouble. (REUTERS/Kevin Lamarque/File Photo)

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Biden himself appears unsure about whether he should remain president. While he and his office have long insisted that he "intends to run" in 2024, he has yet to make a formal campaign announcement. Many commentators expected him to formally enter the race shortly after his State of the Union address in February, but he has not done so.

Some members of the Democratic Party have expressed concern with his age, calling for younger blood to lead the party's ticket in 2024. Biden would be 82 by Inauguration Day in 2025.

Biden has not had a positive approval rating since August 2021. His numbers hit the lowest point of his presidency in July 2022 amid record high gas prices and inflation when approximately 57% disapproved of his job performance and just 36% approved.

President Biden, left, has suffered scandals and a weak economy during his time in office. (ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)

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Biden shares his low approval rating with his predecessor, former President Donald Trump. Like Biden, Trump's approval rating hovered in the high 30s and low 40s throughout his presidency.

Fox News' Brandon Gillespie contributed to this report.