President Joe Biden has benefited from strong growth in economic output and jobs, but high inflation and interest rates still weigh on his approval ratings.
Some major economic statistics indicate that the health of the economy is strong. The jobs report for March, for instance,the labor market is still expanding rapidly and unemployment is very low, by historical standards, at 3.8%. Gross domestic product grew at a robust 3.4% annualized rate in the fourth quarter of 2023, adjusted for inflation, andThe glaring explanation for economic dissatisfaction is the high inflation of the past few years.
“People don’t feel GDP numbers, they don’t feel jobs numbers, especially when they already have one or can find one, but they do feel inflation numbers — they see it in the grocery prices, they see it in their interest rates on their mortgages,” Casey Burgat, legislative affairs program director at George Washington University, told theThe average rate on a 30-year fixed-rate mortgage, for example, has risen from 2.77% when Biden was inaugurated to 6.
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