Americans’ opinions about the economy are improving, according to two surveys published Tuesday.

Gallup’s Economic Confidence Index was higher for the second straight month in January and is now at its highest point in two years.

However, overall, Americans still have a negative opinion about the economy, according to the poll. 

Meanwhile, the Consumer Confidence Survey, conducted by the business think tank the Conference Board, reached its highest mark since December 2021.

The Gallup index has a range of plus-100 — if all respondents said the economy was excellent or good — to minus-100 — if all viewed the economy as poor and getting worse.

The Jan. 2-22 survey resulted in a score of minus-26. That is up six points from December and a 14-point improvement from November. 

The index has largely been in negative territory since the COVID-19 pandemic started in 2020. In June 2022, it fell to minus-58, its lowest point since the Great Recession.

Forty-five percent of Americans rate the economy as poor, while 27% say it is excellent or good. Twenty-nine percent said they think it’s only fair.

The Consumer Confidence Survey reflects current business conditions and likely developments for the months ahead. It can help predict consumers’ attitudes, buying intentions, vacation plans and expectations for inflation, stock prices and interest rates.

In addition to higher consumer confidence, the survey’s found Americans have a more favorable view of the present business situation and higher short-term expectations than they did last month. 

Asked about today’s business conditions, 22.5% said they are good, up from 21.1% in December and the highest level since March 2020. Meanwhile, 14.2% said business conditions were bad, down from 17.2% last month. 

The survey found that consumers remain concerned about rising prices, although their expectations for inflation hit a three-year low.

The White House said Tuesday the Consumer Confidence Survey was proof that President Joe Biden’s economic policies are working.

“With the U.S. economy surpassing all expectations, consumer confidence surged to a two-year high in January—the third monthly increase in a row,” Lael Brainard, Biden’s national economic adviser, said in a statement. “Under President Biden’s agenda for growth, consumer sentiment is turning the corner—reflecting the increase in wealth, wages, and employment relative to pre-pandemic, and the decrease in inflation to two percent over the past half year.”

Brainard attacked congressional Republicans for pursuing tax cuts for high earners and large corporations while seeking to raise costs for health care and energy and cutting Social Security, Medicare and Medicaid.”

Republicans continue to blame Biden’s spending policies for higher inflation and argue tax cuts are needed to ease the strain on Americans’ wallets.

“The American people are feeling the effects of inflation at the kitchen table,” Rep. Monocle De La Cruz, R-Texas, wrote Tuesday in a post on X, formerly Twitter. “We must reduce inflation by working to cut spending and lower taxes.

Another survey by the University of Michigan, released last week, found consumer sentiment jumped 13% in January and has experienced its largest two-month increase since 1991.

Last week, the Commerce Department reported that the U.S. economy grew at an 3.3% annual pace in the fourth quarter of 2023, exceeding expectations. The nation’s employers added a robust 216,000 jobs in December, outpacing the previous month. And the S&P 500 Index and Dow Jones Industrial Average closed at record highs on Monday.

Inflation has slowed significantly from its June 2022 peak of 9.1%. However, consumer prices in December were 0.3% higher than in November and 3.4% higher than a year earlier.

The Federal Reserve will announce Wednesday if it will change its benchmark rate, which it hiked in an attempt to cool inflation. While economists largely expect the rate to stay flat for now, the Fed’s policymakers said in December they expect to the cut the rate three times in 2024.