Consumer sentiment jumps 13%, hits highest level since July 2021

Survey: Americans are feeling better about the economy
Consumer sentiment increased 13% in January
It soared 29% over the last two months

Updated: Jan 19, 2024 / 04:33 PM CST

A customer looks at refrigerated items at a Grocery Outlet store in Pleasanton, Calif.,. on Thursday, Sept. 15, 2022. “Best before” labels are coming under scrutiny as concerns about food waste grow around the world. Manufacturers have used the labels for decades to estimate peak freshness. But “best before” labels have nothing to do with safety, and some worry they encourage consumers to throw away food that’s perfectly fine to eat. (AP Photo/Terry Chea)

(NewsNation) — Feelings among Americans about the economy are improving, a new survey found, with consumer sentiment soaring 13% in January and reaching its highest level since July 2021.

According to the University of Michigan’s Surveys of Consumers, consumer sentiment climbed 29% over the last two months. That represents the largest two-month surge since 1991 as a recession ended.

The survey also shows Democrats and Republicans had their most favorable responses about the economy since the summer of 2021.

Since the COVID-19 pandemic, U.S. consumers have reportedly had a depressed economic sentiment. The latest survey comes as gas prices have decreased and the stock market is surging near new records.