Statement by National Economic Advisor Lael Brainard on Fourth Quarter 2023 GDP and March Consumer Sentiment

Today's reports show continued progress delivering on President Biden's agenda to lower costs and grow the economy from the middle out and the bottom up. Consumer sentiment has turned a corner and is up nearly 30% over the last four months, the fastest increase in 30 years. The turnaround in consumer sentiment comes as consumers expect lower inflation and report feeling good about their personal finances. In the second half of 2023, GDP grew faster than any point from 2015 through the pandemic.

Challenges remain, but working families are starting to see the results of President Biden's economic plan, with wages rising faster than inflation, record wealth and business creation, and the strongest job market in more than 50 years. We have more work to do to lower costs for American families—building on the progress we've made to lower costs for health care, prescription drugs, and housing. With corporate profits still elevated, President Biden will continue to call on companies to pass their savings on to consumers.