The White House released an optimistic economic update yesterday, with National Economic Advisor Lael Brainard highlighting a surge in consumer sentiment alongside a robust growth in GDP for the latter half of 2023. According to a statement from Brainard, consumer sentiment is up nearly 30% over the past four months, marking the fastest increase in three decades, buoyed by expectations of lower inflation and positive feelings about personal finances.

Moreover, the second half of 2023 saw the economy expand at a pace not seen since before the pandemic hit. Brainard asserts that in the second half of 2023, GDP grew faster than any point from 2015 through the pandemic. This spike in GDP growth is part of the administration's larger pursuit to truly grow the economy from the middle and bottom upwards, prioritizing the financial health of working families.

Despite the positive news, the administration acknowledges that economic challenges persist. Wages, however, are reportedly on the rise at rates overtaking inflation, indicating financial relief for American families. The statement also boasts record levels of wealth and business creation, coupled with a job market that's claimed to be the most robust in over five decades. Brainard notes that working families are beginning to see the benefits of President Biden’s economic policies unfold.

Addressing future efforts, the statement from Brainard relays the administration's ongoing commitment to make essential services more affordable. "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," Brainard explained. Moreover, with corporate profits riding still high, the President is set to continue pressing companies to pass their savings on to consumers, aiming to promote a fairer economic standing ground.