U.S. President Joe Biden delivers remarks at St. John the Baptist Church in Columbia, South Carolina, January 28, 2024.
Kent Nishimura | AFP | Getty Images
The White House applauded Conference Council report released Tuesday showing consumer confidence rose to its highest level in more than two years.
“Under President Biden’s growth agenda, consumer confidence is turning a corner, reflecting increases in wealth, wages and employment compared to before the pandemic,” said the director of the National Economic Council, Lael Brainard, in a press release following the publication of the report.
Consumer confidence reached its highest level since December 2021 and increased more than 30% since its April 2020 low of 85.7.
The Conference Board consumer confidence The index rose for a third consecutive month to 114.8 in January, from a revised 108 in December 2023. The research group’s monthly report reflects current business conditions and expected developments in the coming months.
Tuesday’s numbers represent the latest opportunity for the Biden administration to sell the president’s economic record ahead of November’s likely election showdown with former President Donald Trump. Other recent economic reports have provided positive talking points with gross domestic product rises at a better-than-expected annualized rate of 3.3% in the fourth quarter and inflation slowing since its 2022 peak.
Despite growing consumer confidence, only 33% of voters approve of Biden’s handling of the economy, according to CNBC Pan-American Economic Survey in December. Biden’s overall approval rating fell to 35%, the lowest CNBC has recorded during his presidency. When asked who they would support in a rematch between Biden and Trump in 2024, 48% of respondents said they would vote for Trump, compared to 42% for Biden.
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