US President Donald Trump’s net approval in analyst Nate Silver’s aggregate of US national polls slid two points in the last week to -9.4, after his ratings had been stable since late July. Currently, 53.1% disapprove of his performance, compared to 43.7% who approve.

Trump’s net approval was worse last Wednesday at -10.0 before recovering. This is only slightly better than his worst net approval of this term, -10.3 on July 22.

In Silver’s historic approval data, Trump’s ratings are worse than any other president after Harry Truman – they only top his own ratings at this stage of his first term.

Trump’s ratings may have slid over his administration’s controversial attempts to cancel the late-night television host Jimmy Kimmel. Analyst G. Elliott Morris cited a YouGov poll this week in which 68% of Americans said it was unacceptable for the government to pressure broadcasters to remove shows it disagrees with, compared to just 12% who said it was acceptable.

An alternative explanation for the slide in Trump’s ratings is inflation. Silver tracks Trump’s ratings on four issues: immigration, the economy, trade and inflation. Trump’s net approval on immigration (-5.3), the economy (-15.6) and trade (-17.3) have held up in the last month, but his net approval on inflation (-30.0) has dropped six points since the end of August.

The benchmark US S&P 500 stock index peaked last Monday at nearly 6,700 points, an increase of 2.8% in the last month.

I believe Trump’s ratings are unlikely to become very poor unless something goes badly wrong with either the stock market or the broader US economy.