President Joe Biden's administration has seen a significant improvement in the U.S. economy since the Democrat took over in January, with jobless claims down and disposable incomes up.
However, Americans still appear skeptical about the nation's economic gains, reflected in a largely gloomy outlook in recent polling, while Biden's approval rating remains in negative territory.
The U.S. has suffered serious economic issues this year, with soaring inflation in October and major problems in the global supply chain leading to a backlog of cargo ships at some ports.
The Consumer Price Index (CPI) for October recorded a 6.2 percent increase year on year - its highest level in 30 years - and inflation has quickly become a major political concern as Democrats attempt to pass the $1.75 trillion Build Back Better Act.
While inflation remains a key issue and there is uncertainty about it, there are indications that the supply chain crisis began to ease in November and that these improvements will continue into 2022.
The U.S. had its lowest level of weekly jobless claims since 1969 this week, with just 43,000 new unemployment claims.
That figure came after it was announced in November that the unemployment rate has fallen to 4.2 percent - a 21-month low. Unemployment stood at 6.3 percent in January, 2020.
Wages and salaries paid by private businesses also rose between January and October, recording an increase of 2.4 percent after inflation, while disposable income grew 3 percent after inflation in the same period.
Americans are also in line for the largest pay increase in over a decade in 2022, according to a report from the Conference Board, a business membership and research group organization.
The Conference Board's November Salary Increase Budget Survey showed a rise of 3.9 percent in wage costs for businesses in the coming year. This would be the biggest increase since 2008.
Newsweek