President Biden is not benefiting from the best economic vibes. This is mostly what Democrats feel good about.

Despite growing economic confidence, many voters still trust Donald Trump over President Joe Biden when it comes to the economy.
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  • Americans feel good about the economy, University of Michigan and Gallup polls show.
  • But many voters still trust Donald Trump over President Joe Biden when it comes to the economy.
  • The growing economic optimism may have been fueled by Democrats, many of whom already supported Biden.

No Americans Feeling dark As they have been before about the economy, but President Joe Biden is still waiting for it to show up in the polls.

Over the past year, economists have been puzzled by the apparent disconnect between Americans say they feel very bad about the economy And strong economic data in general – which means things It's going well.

Although this disconnect remains, it has narrowed slightly in recent months. In January, the University of Michigan's consumer sentiment index, an often-cited measure of economic vibrancy, hit its highest Maximum level after July 2021, and it rose again — albeit modestly — in February. Between November and January, the index saw its biggest two-month increase since 1991.

„Consumer sentiment rose 30 percent over the past three months, the fastest increase in 30 years — reflecting increases in real wages, wealth, business creation and job creation under President Biden's leadership, today's report shows.” National Economic Adviser Lael Brainard said in a statement on consumer sentiment.

Last October, 21% of about 1,000 Americans was counted Gallup said the economy is „improving,” according to survey data provided to BI. In January, it rose to 30%.

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But if you look at polls, they might think Americans' opinion of the economy hasn't changed much.

Only 38% of Americans approve of President Joe Biden's handling of the economy — up from 40% in December — according to February. Census 1,000 Americans conducted by the Financial Times and the University of Michigan. 42 percent of respondents said they trust Donald Trump more than Biden to handle the economy — with 31% trusting Biden more than Trump. A February ABC News/Ipsos poll showed a similar confidence interval.

He attributes this survey data and other concerns voters have about Biden retreated Trump among some of the more recent ones National And State election.

Mainly Democrats feel good about the economy

There could be several reasons why Americans' growing confidence in an improving economy hasn't translated into better polls for Biden.

One possibility: Mostly Democrats feel good about the economy, and they're already likely to support Biden.

Gallup's survey provides some evidence for this. Between October and January, the share of Democrats who said the economy was „doing great” rose from 45% to 64%, while the share of Republicans rose from 4% to 7% — the share of independents grew from 18. % to 24%.

However, the University of Michigan Information It suggests growing trust across party lines. In January, consumer sentiment among Democrats rose to its highest level since June 2021, though it dipped slightly in February. Republicans also appeared more optimistic, with their sentiment increasing nearly 10 points from January to February. Sentiment among independents rose to highest level since July 2021.

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However, the Michigan data showed a larger gap between Democrats and Republicans, even with the right wing feeling more confident. The last time Democrats' sentiment was as low as Republicans' February levels were in the late summer of 2020.

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Recently economist Paul Krugman pointed out At X, a Michigan survey found Republicans feeling significantly worse about the current economy than they did in June 2009 — in the midst of the Great Recession. However, it improved with the latest February reading.

Some Americans still have reason to be down in the economy

Another explanation for why improving economic sentiment hasn't given Biden a polling boost: The sentiment is still not good relative to historical levels.

Americans were even more sour on the economy in February, according to the Michigan Index than they were Every month Between December 2013 and early 2020 – when the pandemic caused sentiment to fall.

Some experts have speculated that Rise of political factions America as a whole is partly responsible for this. If someone doesn't like the current president, they don't like the economy — no matter how strong it looks.

But there are also understandable reasons why Americans are still at the bottom of the economy. Inflation may be slowing, but that means prices aren't growing as fast as they used to. Many Americans still have grocery bills A little more than they were a few years ago. Shoppers adjust to these prices over time — and Wage growth They should be a little easier to swallow – this change doesn't happen overnight.

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Even the landscape of jobs is not as pretty as it used to be. The national unemployment rate remains low compared to historical levels, with the unemployment rate at least 4% Thirteen statesThe A large number From December 2022 onwards.

Of course, it's possible that more voters are growing more confident about the economy — and may be willing to give Biden some credit for things like falling inflation and low unemployment.

But many of these people may be reluctant to support Biden for non-economic reasons His ageHis handling Israel's War in Gazaor other political reasons.

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