Milei’s approval rating hits new low as Argentina's unemployment rises

President Javier Milei’s approval rating fell in March to the lowest level since he took office as corruption allegations ensnared his government, unemployment climbed and Argentines soured on his trade deal with the Donald Trump administration. 

Milei’s approval rating fell to 36.4 percent, a five-point drop from February, while disapproval climbed six percentage points to nearly 62 percent, according to LatAm Pulse, a survey conducted by AtlasIntel for Bloomberg News. The libertarian also fell behind one of his political rivals in public image after holding the top spot for most of his first two years in office.  ​

Milei’s dip came in concert with falling popularity for both conservative and leftist peers across the region. Brazil’s Luiz Inácio Lula da Silva and Mexico’s Claudia Sheinbaum both saw their approvals dip. Chile’s new President José Antonio Kast is also facing backlash from voters over his decision to hike fuel prices.

In Argentina, the economic turnaround on Milei’s watch has become uneven, as energy and mining industries thrive, while construction and manufacturing show signs of recession. Monthly inflation, which Milei vowed to thwart below one percent this year, is closer to three percent and hasn’t cooled since last June. It’s still a significant improvement from the crisis Milei inherited but the recovery has lost momentum. 

Unemployment climbed to 7.5 percent at the end of last year, the highest fourth-quarter since the Covid-19 pandemic. Nearly three-quarters of survey respondents described the labour market as “bad,” while 65 percent described the economy that way. Corruption topped Argentines’ concerns, followed by unemployment and inflation.

Milei’s loyalty to US President Donald Trump solidified into a trade agreement in February, but Argentines’ views on the deal have shifted. In March, only 41 percent of Argentines supported the deal, down from nearly 60 percent of respondents in a January 2025 poll who saw the accord as “a good idea” when it was still under negotiation at the time. Argentines expect the pact will most likely translate into factories and small businesses closing, according to AtlasIntel. 

A cryptocurrency scandal from February 2025 resurfaced in recent weeks as new details emerged about Milei’s alleged involvement. Cabinet Chief Manuel Adorni, who gained prominence for deriding corruption in past administrations, also came under fire two weeks ago after his wife flew on the presidential plane with Milei’s delegation to New York and questions arose about how he paid for a private jet to Uruguay for a family vacation. 

Buenos Aires Province Governor Axel Kicillof, a potential presidential candidate next year for the opposition Peronist party, narrowly edged Milei for the first time in March with a positive image of 38 percent versus Milei’s 37 percent. Kicillof’s party won a provincial vote last September that sparked a market sell-off, which ultimately spurred a US$20-billion currency swap line for Argentina from the Trump administration. Milei’s party came back in October, winning the national midterm race, including in Buenos Aires Province.  

AtlasIntel surveyed 5,037 people in Argentina between March 20-24. The online poll has a confidence level of 95 percent and a margin of error of plus or minus one percentage point.