1701023551 Bidens economic adviser calls inflation employment trends good signs despite

Biden’s economic adviser calls inflation, employment trends good signs despite voter dissatisfaction

Council of Economic Advisers Chairman Jared Bernstein tells “FOX News Sunday” that “real wages” are rising and the labor market is “tighter than ever.”

President Biden’s economic adviser said Sunday that inflation and employment trends were moving in the right direction, even as many Americans expressed disapproval of Biden’s handling of the economy.

Jared Bernstein, chairman of the Council of Economic Advisers, said in an appearance on “Fox News Sunday” that he wanted to add nuance to the chorus of American voters who say they continue to struggle with high prices.

“The question has to be, given all of these polls that you just cited, are we moving in a direction that reaches the American people, gives them more purchasing power and continues to result in an actual decline in gas prices,” Berstein told Hosted by Shannon Brachsen.

In the latest Fox News poll asking Americans about the state of the economy, only 29% of respondents said the economy had begun to recover, while 67% said the worst was yet to come.

US consumer sentiment is falling again due to inflation fears

Jared Bernstein

Council of Economic Advisers Chairman Jared Bernstein says the economy is on the right track, although there is still much work to be done. (Celal Gunes/Anadolu Agency via / Getty Images)

Bernstein said that while consumers are “the best arbiters of their economic situation,” a “more realistic picture” needs to take consumers’ actions into account.

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Bernstein explained that consumer spending is “driving the economy” with growth rates above 5%, noting that Black Friday set online shopping records with sales between $10 billion and $16 billion.

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He also said the unemployment rate has been below 4% for 21 months, inflation has fallen from a peak of 9% to about 3.2% and real wages have outpaced inflation over the past four to five months.

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“We are on the right track, but we still have a lot to do,” Bernstein admitted.

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Meanwhile, consumers face continued high interest rates to combat inflation.