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Typically, yes. However there are exceptions to this rule.

Harry Truman presided during good economic conditions yet saw his poll numbers sink during his second term due to his handling of the Korean War.

Lyndon Johnson faced good economic conditions yet saw his poll numbers deteriorate due to the Vietnam War.

George W. Bush's poll numbers started sinking before the current economic malady set in.

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Q: If economic conditions are good will presidential approval ratings increase?
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