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White House Council of Economic Advisers Chairman Jared Bernstein said on Sunday that the economic situation in the United States represents a good start to the 2024 presidential election year.
Bernstein said in an interview with Fox News on Sunday that strong consumer spending during the holiday season, wage increases over the past nine months and the recent rise in consumer confidence all point to a good start to 2024.
He added: “Compared to a year ago, when many were talking about an economic recession…a gallon of gas cost about $5 a year and a half ago, and we are not suffering from an economic recession, but from unemployment less than four percent for 22 months , and a gallon of gas is now worth three dollars and 11 cents.” On average, less than $3 in 28 states.”
Bernstein defended the agenda of President Joe Biden, who is seeking a second term, and said he would remain focused on reducing costs for Americans if he wins the election.
“If you actually look at the development of the economy,” he said, “I think you see some real momentum that will help us get off to a good start in the new year.”
The U.S. consumer confidence index rose more than expected in November on optimism about the labor market, which could help support the economy early next year.
The annual inflation rate in the United States continued to slow in November and underlying price pressures continued to ease, which could increase financial markets’ expectations of a rate cut next March.
The US Federal Reserve left interest rates unchanged in December. Policymakers said the central bank’s monetary tightening approach over the past two years was coming to an end and that borrowing costs would be lower in 2024.
Since March 2022, the Federal Reserve has raised interest rates by 525 basis points to the current range of 5.25 to 5.50 percent. (free)
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