https://www.newsweek.com/joe-biden-breaks-two-year-record-economy-1865328
The Consumer Confidence Index released on Tuesday by the business research non-profit went up in January to nearly 115 from December's rate of 108, with the latest reading being at its highest level since December 2021.
"January's increase in consumer confidence likely reflected slower inflation, anticipation of lower interest rates ahead, and generally favorable employment conditions as companies continue to hoard labor," Dana Peterson, chief economist at The Conference Board, said in a statement.
Meanwhile, consumers who say their financial conditions are 'good' increased while those saying they are 'bad' fell, according to the latest survey.
"This suggests consumers are starting off the year in good spirits about their current finances," Peterson said.
The survey results come amid Americans feeling generally lukewarm towards President Biden's handling of the economy. A December poll from Monmouth University found that 68 percent of Americans disapprove of his performance on inflation while 53 percent felt the same way about his handling of jobs and unemployment.
However, the survey readings appear to align with similar surveys that suggest that Americans are feeling slightly more optimistic about the economy compared to a few months ago. Earlier this month, the University of Michigan's consumer survey showed that positive consumer sentiment jumped to its highest since July 2021.