President Joe Biden has benefited in recent months from strong growth in economic output and jobs, but high inflation and interest rates still weigh on his approval ratings and threaten his election chances.

What’s going right for Biden

Some major economic statistics indicate that the health of the economy is strong. The jobs report for March, for instance, showed that the labor market is still expanding rapidly and unemployment is very low, by historical standards, at 3.8%. Gross domestic product grew at a robust 3.4% annualized rate in the fourth quarter of 2023, adjusted for inflation, and is expected to come in at a strong 2.5% in the first quarter of this year.