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President Biden's approval rating among Americans has dropped to 31%, hitting a new all-time low of his presidency, according to a new poll.

The Quinnipac University survey released Wednesday also revealed the president's support among Hispanics stands at just 19%, while 71% of  Americans said they do not want Biden to seek re-election in 2024. Among Democrats, only 40% said that they would like to see him run again, while 54% do not want Biden to be the Democratic nominee.

According to the poll, 6 in 10 voters said they did not want to see former President Donald Trump run in the next presidential election. However, 69% of the Republicans that voted would like to see Trump as the GOP nominee, while 27% would not.

Quinnipiac University polling analyst Tim Malloy stated alongside the polling results, "There's scant enthusiasm for a replay of either a Trump or Biden presidency. But while Trump still holds sway on his base, President Biden is underwater when it comes to support from his own party."

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President Biden answers questions

President Biden's approval rating has reached an all-time low. (Evan Vucci/AP Photo)

When asked if the election were held today which party voters would like to see control the U.S. House of Representatives, respondents were torn between parties with a roughly 50-50 split.

Only 28% said they approve of Biden's handling of the economy, while 66% disapprove of his job thus far. 

The poll found that most Americans' biggest concern right now is inflation, as costs continue to rise and inflation last month reached a 40-year high of 9.1%.

Virginia high gas prices at the pump

Polls show that inflation and rising prices of consumer goods are the biggest concerns to Americans. (SAUL LOEB/AFP via Getty Images)

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"The Republicans hit a new high on disapproval, the Democrats fare little better, and SCOTUS is met with unprecedented disapproval," Malloy added, referring to the Supreme Court's 37% approval rating.

President Biden speaks in front of two microphones in a suit

President Biden has not yet announced his bid for re-election in 2024. (AP Photo/Damian Dovarganes)

Despite Biden's plummeting approval rating among Americans, the president has teased a possible run for re-election in 2024. Trump has also made comments that insinuate a possible 2024 election bid, just as Republicans begin to veer their focus toward other GOP candidates they'd prefer to represent the party in the election.

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The Quinnipac University poll was conducted July 14-18, with a margin of error of plus or minus 2.5 percentage points.