ICYMI: New Data Shows Consumer Confidence up 33% Since Last Year on the Strength of President Biden's Economic Recovery

New data from the Conference Board shows consumer confidence continues to increase as the economic recovery remains strong, with consumer sentiment 33% above the level it was at this time last year.

In the latest reading, the Consumer Confidence Index increased by 3.5%, marking the third straight month of increases. The data show that Americans are confident in the Biden Administration's economic recovery. In the words of the Conference Board, this result shows that "the economy has maintained its momentum in the final month of 2021."

While there's still more work to do, these data are a result of the real progress we've made on the economy since President Biden took office, thanks to his economic plan and his success in getting shots in arms and fighting the pandemic. Since January, we've seen undeniable signs of strength in our labor market, with almost six million jobs created, unemployment down to 4.2% three years faster than projected, and the number of Americans receiving unemployment benefits shrinking from 18 million to two million.

And, while developed countries around the work have faced similar challenges with higher prices, America is able to confront those challenges from a position of strength, with the fastest economic recovery of any of our peers, and with Americans ending the year with more money in their pockets, thanks to the President's Rescue Plan and economic agenda.

Notable results from the report include the following:

• The number of Americans who expect more jobs in the next 6 months increased by 2.3 percentage points, and the difference between consumers describing jobs as "plentiful" versus "hard to get" remains near an all-time high.
• The survey's measure of economic conditions six months in the future increased by 7.4% in December, reaching a five-month high.
• The number of consumers expecting business conditions to improve grew, while the number expecting conditions to worsen shrank.
• The proportion of consumers planning to purchase homes, automobiles, and major appliances over the next six months all increased, setting the stage for strong demand in the new year.
• And even as the pandemic continues to present challenges, the share of respondents who expressed plans to take a vacation increased slightly by 0.7 p.p., with those planning to travel by air increasing by 1.3 p.p.