Economic vibes are finally improving, consumer sentiment surges
Americans say they’re feeling better about the economy than they have in years. That could be good news for Biden.
It appears Americans are finally feeling better about the economy.
Gas prices are falling. Sales of cars, clothes and sporting goods have picked up. And Americans’ views on both their own finances and the economy are at their highest level in two and a half years.
Consumer sentiment, a measure of how Americans are feeling about the economy, jumped 13 percent in January to its highest level since mid-2021, reflecting optimism that inflation is easing and incomes are going up, according to a closely-watched survey by the University of Michigan. Since November, consumer sentiment has risen 29 percent, marking the largest two-month increase in more than 30 years, as consumers are starting to feel better about falling prices and rising wages.
“We’re seeing a continuation of the surge in sentiment we saw at the end of last year,” said Joanne W. Hsu, an economist at the University of Michigan and director of its consumer surveys. “If anyone was wondering, 'Was December a fluke? It is absolutely clear now that it wasn’t. This is a sign that consumers are feeling better. Their confidence has come back.”
The economy is improving under Biden. But many voters aren’t giving him credit.
That jump is fueling optimism that the U.S. economy — and Americans’ perception of it — may be turning a corner after months of inflation-related unease. Rising sentiment among both Democrats and Republicans comes at a critical moment for the Biden administration, which has struggled to convince voters that its economic policies are making their lives better ahead of November’s presidential election.
more:
http://www.washingtonpost.com/business/2024/01/19/economy-sentiment-biden-inflation/
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