Created
Sun, 21/01/2024 - 07:30
It should be good news for Biden. Generally presidents benefit from good economic “vibes.” But who knows? He’s old so they may just hate him no matter the reality. It appears Americans are finally feeling better about the economy. Consumer sentiment, a window into the nation’s financial mood, jumped 13 percent in January to its highest level since mid-2021, reflecting optimism that inflation is easing and incomes are rising, 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. Gas prices, often a key driver of sentiment, have fallen 40 percent since June 2022, to just over $3 a gallon. Weekly jobless claims are at their lowest level in more than a year. Sales of cars, clothing and sporting goods all picked up during the holidays, as consumers felt confident enough to keep spending. Meanwhile, the stock market is surging to new records, with the S&P 500 closing at an all-time high on Friday.