President Joe Biden’s approval ratings are on the rise after months of historically low polling,

according to a Reuters/Ipsos survey released on Tuesday that placed the president’s approval rating at 40%.

Biden’s approval rating dropped below 50% last year and hit a record-low for his presidency,

in May, when it was at 36%. For many Americans, the Biden presidency has been

marked by issues including inflation and the economic aftermath of the COVID-19 pandemic.

According to the Reuters/Ipsos poll, Biden’s biggest gains are from his own party. Seventy-eight percent of Democrats said they approved of the president’s performance

a 9 point gain from a month ago, when he was at 69%. Meanwhile, his approval rating from Republicans is 12%, which is similar to previous polling.

For the 48th week in a row, the most important issue for Americans is the economy. Thirty-two percent of Americans listed it as their top concern.

In recent weeks, however, the economy has shown signs of improvement. Last week, the price of the gas fell below $4 for the first time

since March after hitting a high of $5.03 in the middle of June. And while inflation levels remain elevated,

figures released Tuesday confirm that the problem is easing as prices for all commodities groups are falling.

In addition to the economic gains, the past few weeks have also seen several legislative successes for Biden and the Democrats.

The wins include Senate passage of the Inflation Reduction Act, a $740 billion bill meant to lower prescription drug costs and promote clean energy, among other goals.

On Tuesday, Biden signed the bipartisan CHIPS Act into law, which will invest $200 billion dollars into semiconductor chip manufacturing.