Yet polling data and interviews with voters and political analysts suggest that a confluence of factors are raising Mr. Trump’s standing on the economy issue, which remains a centerpiece of his pitch for a second term and is expected to be a major theme of the Republican National Convention this week.

The president has built an enduring brand with conservative voters, in particular, who continue to see him as a successful businessman and tough negotiator. Many of those voters praise his economic stewardship before the pandemic hit, and they do not blame him for the damage it has caused. In interviews, some of those voters cited record stock market gains — although only about half of Americans own any stock at all — as evidence of a rebound under the president…

David Winton, a Republican strategist and pollster, said that Mr. Trump’s ratings had been bolstered by the economy’s adding nine million jobs in May, June and July, after it lost more than 20 million in March and April. Mr. Trump’s approval on the economy “has still generally remained positive, and better than his overall job approval,” he said. “This has certainly been helped by the last three good monthly jobs reports that occurred despite the continuing restrictions on many businesses to operate.”