President Barack Obama’s approval rating has hit its highest point in 20 months thanks to surging economic indicators.

According to CNN/Opinion Research Center poll released Tuesday, 48% of Americans approve of the job the president is doing. That is the highest point the survey has seen since May 2013.

One big reason is likely that Americans are feeling much better about the economy than they did even two months ago. The latest polling, conducted in mid-December, found that 51% said the economy was either “very” or “somewhat good,” compared to 38% in October of this year and 32% last December.

Those positive feelings come as gasoline prices have cratered, giving consumers some added financial heft along with the sharply improving job market. Unemployment has fallen to 5.8%, the lowest level since July 2008, and near the 5% mark many economists consider to be a suitable “full employment” target since some workers are always in-between jobs.

Those numbers also mark a substantial improvement over Obama’s six years in office, which began with only 13% saying that the economy was doing well. In January 2009, nearly 90% said the economy was in bad shape according to the CNN/ORC survey. In fact, the last time a majority of Americans felt good about the economy was seven years ago, in September 2007.

The CNN poll also saw “newfound backing among women, independents and millennials.” For each of those demographics, opinions of Obama surged 10 percent in the past month. But the president saw support decline among men, Republicans, and Americans between the ages of 35 and 49.

Meanwhile, Gallup looked at Obama’s approval ratings throughout 2014 and found remarkable stability. According to Gallup’s editor-in-chief Frank Newport, in every year of his presidency besides 2014 and 2010, “the range in his job approval fell between 11 and 18 points.” This year, however, does mark the first time his highest weekly average approval fell below 50. It sat at 45, while his lowest weekly average approval was 40 (the same as 2013 and 2011).

Gallup also compared Obama’s sixth December approval rating to those of the other presidents elected to two terms (a rather small sample that, of course, only covers presidents since modern polling began in the 1940s).

Source: Gallup

Obama is doing better than Bush and slightly worse than Reagan, but far behind Clinton (note that his December 1998 67% reading came in the month he was impeached) and Eisenhower.

It’s also possible that Obama could be benefiting from a more vigorous governing style since Republicans took control of the Congress in November’s elections, providing him with a more direct foil to compare his policies against.

Still, CNN’s poll found that “56% of respondents said the President has fallen short of their expectations” and 49% disapproving of his policies, saying they were the wrong direction for the country.

But with Tuesday’s revision of 3rd quarter growth to a robust 5%, a revitalized job market, and falling gas prices, American confidence in the economy may help boost Obama approval into 2015. That, in turn, could help Democrats in 2016 if it can be sustained.

“The biggest beneficiary is Hillary Clinton,” Amy Walter, national editor for the Cook Political Report, told Bloomberg. “She has to be able to go into 2016 with a strongly improved economy and perceptions of the economy.”

But Hillary – and other Democratic candidates – should probably not rest their hopes on rising Obama approval. Remember: George W. Bush defeated Clinton’s heir apparent in 2000, and Republicans kept control of Congress, despite a highly popular president and strong economy.