Overview

• Despite the US economy growing at an annualized rate of 4.9% in the third quarter of 2023, polls show voters prefer Donald Trump over Joe Biden on economic issues.
• Inflation remains a concern, with food prices having risen 24% since the start of the pandemic and energy prices up by 37%.
• Consumer sentiment is starting to decline, despite the US economy outperforming Europe and the median household wealth rising by 37% between 2019 and 2022.
• Economists warn that Biden cannot rely on the state of the economy for his 2024 re-election bid, as prices and inflation remain high.
• Wages have grown fastest for workers in the lowest-paid rungs since the pandemic, a trend that is atypical and has been a boost for lower-income workers.