A majority of Americans approve of President Trump's handling of the economy for the first time, according to CNBC's All-America Economic Survey, which has tracked the number since he first took office.

Why it matters: Confidence in Trump's handling of the economy seems to be tied to his overall approval ratings, which could be good news for Republicans ahead of the 2018 midterms.

Americans on Trump, by the numbers:

There are more Americans who believe the economy is excellent than there are those who believe it is poor for the first time in the 10-year history of the survey.

who believe the economy is excellent than there are those who believe it is poor for the first time in the 10-year history of the survey. A huge gap in Trump's economic approval and overall approval exists for non-white Americans: 39% approve of his job with the economy, but only 23% approve of his performance as president.

in Trump's economic approval and overall approval exists for non-white Americans: 39% approve of his job with the economy, but only 23% approve of his performance as president. Trump's overall disapproval rating has reached a record low: 47%.

has reached a record low: 47%. 51% of Americans disapprove of Trump's immigration policies — unchanged from last quarter and last year, despite the controversy over family separations dominating the news during the polling.

disapprove of Trump's immigration policies — unchanged from last quarter and last year, despite the controversy over family separations dominating the news during the polling. Yes, but: Only 25% of those surveyed credit Trump directly for the healthy economy — however, only 3% credit Republicans in Congress.

Go deeper: 5 signs the U.S. economy is in good shape.