Americans are becoming more pessimistic about the economy, more worried about inflation-and now more worried about the job market.
According to a survey conducted by the online survey platform in the New York Times this month, 52% of adults in the United States say they are financially worse than they were a year ago. Momentive.. This was an increase from 41% in April and was by far the highest share in the five years of the survey. Only 14% of Americans say they are better than the worst year ago in the history of the survey.
The moody mood is reflected in other surveys.University of Michigan Consumer sentiment index This month we have reached the lowest level in 70 years of history.Another measure of consumer confidence from Meeting committeeIt’s not so dramatic, but it’s also falling.
There is no mystery as to what is causing the dark outlook for consumers: the fastest rising prices of all generations. According to a Momentive survey, more than 9 out of 10 Americans are concerned about inflation, 70% of whom are “extremely concerned”, from 63% in April. Increased has.
Inflation has emerged as a major political challenge for President Biden and Democrats in Parliament. Only 31% of Americans said they approved Mr. Biden’s approach to inflation. Support has also weakened among Democrats, with only 58% saying they endorsed Biden’s approach and only 15% “strongly”.
Survey respondents were equally critical of the approach adopted by the Federal Reserve, which began aggressively raising interest rates to curb inflation. Only 30 percent of Americans said they approved the handling of the federal agency in question.
Until recently, inflation concerns have been offset, at least to some extent, by a strong job market that has allowed workers to seek higher wages and better profits. However, there are hints that can change. Forty-seven percent of adults in June said they thought it was a good time to look for a job, starting with 60 percent in April. Nearly half of the respondents said they believed the US economy was in recession.
About the Survey: The data in this article was obtained from an online survey of 5,342 adults conducted by polling firm Momentive from June 13th to June 19th. The company randomly selected respondents from more than 2 million people, each surveying on the platform. Day. Answers were weighted to match the demographic profile of the US population. The study found that there are plus or minus 2 percentage points of modeled error estimates (similar to the error margins of standard televoting), so differences less than that amount are not statistically significant.
