White House touts highest consumer confidence in more than 2 years

White House touts highest consumer confidence in more than 2 years

U.S. President Joe Biden delivers remarks on the St. John Baptist Church in Columbia, South Carolina, on Jan. 28, 2024.

Kent Nishimura | AFP | Getty Images

The White House cheered the Conference Board report on Tuesday displaying consumer confidence rising to its highest degree in more than two years.

“Under President Biden’s agenda for development, consumer sentiment is popping the nook—reflecting the rise in wealth, wages, and employment relative to pre-pandemic,” National Economic Council Director Lael Brainard mentioned in an announcement following the report’s launch.

Consumer confidence reached its highest degree since December 2021, and was up more than 30% since its April 2020 low of 85.7.

The Conference Board’s consumer confidence index rose for a 3rd straight month to 114.8 in January, up from a revised 108 in December 2023. The month-to-month report from the analysis group displays prevailing enterprise situations and anticipated improvement in the approaching months.

Tuesday’s numbers have been the newest alternative for the Biden Administration to sell the president’s economic record forward of the doubtless November election showdown with former President Donald Trump. Other latest financial studies have supplied constructive speaking factors with (*2*) at a better-than-expected annualized fee of three.3% in the fourth quarter and inflation slowing since its 2022 excessive.

Despite the rising consumer sentiment, simply 33% of voters approve of Biden’s dealing with of the financial system, in keeping with CNBC’s All-America Economic Survey in December. Biden’s general approval score fell to 35%, the bottom CNBC has recorded in his presidency. When requested who they might help in a rematch between Biden and Trump in 2024, 48% of respondents mentioned they might vote for Trump in comparison with 42% for Biden.

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