Brainard: "Consumer Sentiment Has Turned A Corner"

White House National Economic Council Director Lael Brainard has issued a statement on today's GDP report, noting a "turnaround" in consumer sentiment as Americans "feel good" about their personal finances.

• Brainard: "Today’s reports show continued progress delivering on President Biden’s agenda to lower costs and grow the economy from the middle out and the bottom up. Consumer sentiment has turned a corner and is up nearly 30% over the last four months, the fastest increase in 30 years."
• Brainard: "The turnaround in consumer sentiment comes as consumers expect lower inflation and report feeling good about their personal finances. In the second half of 2023, GDP grew faster than any point from 2015 through the pandemic."
• Brainard also notes that "challenges remain" and says: "With corporate profits still elevated, President Biden will continue to call on companies to pass their savings on to consumers."
• Ahead of Biden's State of the Union Address the White House released a fact sheetwhich blamed corporate price gouging for exacerbating inflation: "President Biden is tired of seeing corporations rip off consumers, especially when they break the law while at the same time keeping prices high."