Argentine President Javier Milei, one of Israel's most prominent supporters on the international stage, is facing a further decline in his public standing about a year before the country's presidential election, amid growing concerns over unemployment and the economic slowdown.
A new poll conducted for Bloomberg and published on Friday indicates that nearly two-thirds of Argentines have a negative view of the president, while concern over unemployment is overtaking inflation as the public's leading worry.
According to the poll, conducted by AtlasIntel, about 62% of respondents expressed a negative view of Milei, compared with 36% who expressed a positive view. That marks a deterioration from the previous survey, in which 59% held a negative view and 38% held a positive view.
Milei, who took office in December 2023 promising fundamental changes to Argentina's economy, now faces mounting public criticism over labor market conditions and the economic slowdown.
One of the poll's notable findings concerns a shift in public priorities. For years, inflation was at the center of economic concerns in Argentina, and combating rising prices was one of the Milei government's main goals. For the first time in more than a year, however, unemployment has become the public's most pressing concern.
About half of respondents cited unemployment as one of Argentina's main problems, compared with roughly a third who pointed to inflation. In addition, about 70% described labor market conditions as poor.
According to Bloomberg data, the number of formal private-sector jobs in Argentina has declined in almost every month since Milei took office. The figures reflect difficulties in the labor market as the government works to tackle inflation.
Alongside the decline in the president's public standing, the poll indicates some improvement in the favorability ratings of several of his political rivals.
Buenos Aires Province Governor Axel Kicillof, who has been mentioned as a potential challenger to Milei in the next election, has a favorable rating of 39%, up two percentage points from the previous poll. However, a majority of respondents, 54%, still hold a negative view of him.
Former President Cristina Fernández de Kirchner recorded the highest favorable rating among the figures surveyed, at 41%. Kirchner is under house arrest and barred from holding public office, making her ineligible to run in the election.
Alongside the political developments, signs of concern are also evident in financial markets. According to Bloomberg, Argentine government bonds were among the weakest performers in emerging markets over the past three months amid investor selling.
The yield on Argentine bonds maturing in 2035 rose from less than 9% in July to more than 13% in November. Rising bond yields reflect falling prices and have been accompanied by growing investor concerns about the state of the economy.
Wall Street is also monitoring Argentina's slowing economic growth, alongside mounting public concern over employment and declining support for the president.