The economy was actually getting better running up to the election. It was not reported until by the media until after the Clinton won. I remember Peter Jennings coming on TV the very next night to report it.
Also, Clinton NEVER won a majority in either election. If Ross Perot did not run and capture between 15%-19% of the vote GHW Bush would most definetly have won. He may have even been defeated by Bob Dole for his relection if Perot had not been a third party candidate.
As someone looking for work at the time, I can tell you (and maybe it was regional) our economy here in the northeast wasn’t picking up. If it had been Bush would have won handily. Insiders claim the lack of a majority/mandate bothered Clinton a lot.
Perot redeemed himself 1) by being right when many dismissed his warnings - look at our economy today - and 2) by endorsing GW Bush as they were breaking the DWI story - it probably made a difference. In fact, Perot’s 19% shows he was more than just a spoiler, and things were as bad as people thought. The Dems were paid back in 2000 by Ralph Nader, who actively dissuaded his supporters for supporting Gore (”not a dime’s worth of difference”). He more than covered the 579 votes that would have delivered Florida (and the White House) to Gore.