The American economy has been a topic of concern for many citizens as they grapple with rising prices and expenses. The recent GOP primary in New Hampshire reflected this sentiment, with the economy ranking as the number one issue among voters. A significant majority, 75%, expressed dissatisfaction, deeming it as not good or poor. Interestingly, these voters have shown overwhelming support for Donald Trump, which aligns with the broader national mood. A recent Ipsos poll revealed that 56% of Americans disapprove of President Biden's handling of the economy. In light of this, the Biden administration has been closely monitoring any indicators that may hint at a change in public sentiment in the coming months.
On the surface, the economy appears to be performing impressively well based on conventional metrics. Unemployment has remained below 4% for the past two years, currently standing at 3.7%. Inflation, although still elevated, has decreased from its peak of around 9% year over year. Additionally, the Gross Domestic Product (GDP) for the third quarter of the previous year exhibited robust growth.
