This Must Be Bad News For Biden (UPDATED)

 

Gas prices:

In a gift to American shoppers this holiday season, gasoline prices have dropped for 61 consecutive days after getting dangerously close to $4 a gallon in September.

The average price for a gallon of regular gas stood at $3.25 a gallon on Tuesday, according to AAA. That’s down five cents from a week ago and 26 cents from a month ago.

Gas prices have now fallen every day since the peak on September 18, AAA data shows. The streak is a victory for consumers, saving them extra cash just in time for the crucial holiday shopping season.

Americans are particularly sensitive to shifts in prices at the pump as they are highly visible and largely unavoidable.

“Gasoline prices are so in-your-face. This is a clear tailwind for consumer spending,” said Tom Kloza, global head of energy analysis at the Oil Price Information Service...

Falling gas prices are only to the credit of Republican Presidents, so checkmate, libs!

Consumer confidence:

After declining for three straight months, American consumer confidence ticked up in November as the all-important holiday shopping season kicks into high gear.

The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 102 this month from 99.1 in October. Analysts were expecting a reading of 101. The October reading was revised down from an original reading of 102.6.

The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.

The main index was boosted by respondents whose outlook for the next six months improved.  [snip]

... Still, about two-thirds of those surveyed still expect a downturn before the end of 2024...

Don't worry, though.  With Republicans and their news media boosters constantly chirping on their "bad economy" narrative, consumers' irrational fears of a recession will dog Biden and Democrats through next year's election!  Checkmate, democracy!

UPDATE:

US economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s remarkable resilience in the face of elevated inflation and high borrowing costs earlier this year.

Gross domestic product, the broadest measure of economic output, rose at an annualized rate of 5.2% from July through September, according to the Commerce Department’s second estimate, released Wednesday morning. GDP is adjusted for inflation and seasonal swings.

Wednesday’s latest reading reflects an even faster pace of growth than the blistering 4.9% rate the department initially estimated. It factors in greater business investment, government outlays, residential investment and inventory growth...

Suck it, Dims!

 

Consumer Confidence Heading Up Going Into Mid-Terms

Reality is undercutting yet another Republican election theme:

Consumer sentiment, which hit rock bottom in June, has begun inching up in recent weeks. Gas prices are down. Decades-high inflation appears to be easing. And at the same time, Americans are making small changes — buying meat in bulk, for example, or shifting more of their shopping to discount chains — suggesting that many families are learning to deal with higher prices.

“While consumer sentiment is still fairly low by historic standards, we’re starting to see pretty dramatic improvements,” said Joanne W. Hsu, an economist at the University of Michigan and director of its closely watched consumer surveys. “It’s very much being driven by a slowdown in inflation, particularly with the decline in gas prices.”  [snip]

Although inflation is still a top priority for U.S. voters in the run-up to the midterm elections, the share of Americans who say it is their biggest concern has fallen. Some 30 percent of Americans say rising prices are their No. 1 voting issue, down from 37 percent in July, according to a new NPR/PBS NewsHour/Marist poll.

(click on graph to enlarge)

Somehow, someway this must be "bad news for Biden and the Democrats." Work that narrative, media!