How strong is consumer confidence under Joe Biden? | PolitiFact
Although the Michigan survey shows a general rise in confidence since its low in June 2022 — the month inflation peaked — the confidence levels in the survey remain lower than they were earlier in Biden’s term.Advertisement
Although the economy is not officially in a recession, consumer confidence levels were lower than now only during the early 1980s recession, the Great Recession that began in 2008, and the brief coronavirus pandemic recession. The surveys’ differences are highly relevant now. The biggest one relates to the questions asked of consumers.Economists from the Michigan survey and the Conference Board agreed about the differences between the two surveys.
Allen Li, an associate economist with the Conference Board, agreed with Hsu, saying the Michigan survey “uses different methodology and a different set of questions, which makes their index a little more sensitive to rising interest rates and elevated prices.”
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