American consumers are finally cheering up

FOR THE past year America’s economy has suffered from an emotional disconnect. Analysts and investors have been impressed by its growth, which has consistently exceeded forecasts and run ahead of the country’s rich-world peers. But Americans themselves have been much harder to please. The most closely watched gauge of popular sentiment about the economy—a monthly survey conducted by the University of Michigan—has yielded exceptionally low results, roughly the same as during the global financial crisis of 2007-09.

With a presidential election just nine months away, these downbeat feelings have become a big problem for Democrats. President Joe Biden already faces plenty of challenges in his bid for a second term, starting with concerns about his fitness to serve as an octogenarian. Polls giving him low marks on his handling of the economy are another major headwind.