Americans continue to feel positively about the economy, according to the latest Surveys of Consumers from the University of Michigan. Consumer sentiment in February was roughly the same as in January, when it soared to its highest level since 2021.

“The latest reading confirmed the remarkable improvement in consumers’ economic views that began in December 2023,” Surveys of Consumers chief economist Joanne Hsu said in a statement Friday.

Consumer sentiment is about 25% higher than in November 2023 and 9% below its historical average since the University of Michigan began collecting monthly data in 1978.

She said consumers in February “continue to feel assured that inflation will continue to slow down going forward,” though she noted that many Americans also feel weighed down by elevated prices.

The Personal Consumption Expenditures price index was up 2.5% in January compared with a year earlier, the Commerce Department reported Thursday. Consumer spending fell in January for the first time since March 2023, according to PNC Financial Services.

Even so, fewer consumers in February blamed high prices for eroding their living standards, according to the University of Michigan data. Just 35% of those surveyed said high prices were affecting how they live — the lowest level since February 2022.

While year-ahead expectations for business conditions increased to their highest level since July 2021, consumers’ assessments of their own finances slipped 2% in February, according to the University of Michigan data.

Hsu expects consumers’ attitudes may change closer to the General Election in November, but so far “political uncertainty has yet to weigh down sentiment.”

She noted that strong consumer sentiment was reported across all political affiliations, and were up 19 points among Republicans, 17 points among Independents and 11 points among Democrats since November 2023.