While many people are gaining back their confidence in the economy, an AP-NORC poll suggests there hasn’t been a corresponding boost in President Joe Biden’s approval rating.

As Biden and former President Donald Trump head for what appears to be a 2020-esque showdown, polls reveal that Biden’s campaign has struggled to garner favorability among Democratic voters despite the country’s recent economic improvement. 

The recent poll shows that 35% of the 1,152 respondents say they believe the economy is doing well, up from 24% a year ago, Axios reported. However, Biden’s approval has moved significantly less, hovering around 40% for the last year.

Federal Reserve Chair Jerome Powell said at a press conference Wednesday that some people are still unhappy with the economy despite unemployment being at a historic 3.7% low, with a record low in 23 states, according to a report from the Council of Economic Advisers. Powell said these numbers aren’t changing perceptions because people are having to “pay much more for the basics of life than they were two years ago, three years ago.”

“It’s been interesting that confidence surveys have been weak at a time when unemployment has been historically low for a couple of years. … We don’t pretend to have perfect wisdom on this, but one obvious answer is that prices went up more than 2% a year for a couple of years,” Powell said.

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Biden does not poll well among younger Democratic voters, specifically in the 18-39 age range who are less convinced about economic improvements, the poll shows.

This does not bode well for Biden, who, despite seizing the upward trend in the economy in an effort to garner restless voters’ favorability, is going up against Trump, a fierce and popular competitor among the GOP.