![]() Two-thirds of them (66 percent) say economic factors such as inflation, rising interest rates or a change in their employment status or income were among the reasons why. More than 4 in 5 Americans (81 percent) say they did not increase their emergency savings this year, according to a Bankrate poll published in October. ![]() Meanwhile, half of Americans (50 percent) say their overall financial situation is worse today than it was three years ago in November 2020 - when the economy was in the middle of the coronavirus pandemic, according to a separate Bankrate report published in November.Ī large part of that is because inflation is eroding Americans’ safety nets. It’s just bad, and everyone is feeling it.” Americans say inflation and rising interest rates are why the economy feels toughĪmericans may be disputing the economy’s strong appearance on paper because 2 in 3 (or 66 percent) say the economic environment has negatively affected their finances - a share that jumps to 85 percent for the Americans who say they feel the economy is in a recession, the poll also found. ![]() I want to do this, but I can’t because my money is going to my bills or paying back my credit cards.’ I feel like it doesn’t really matter the status of your financials. “I interact with a lot of different people from different walks of life, and even people who are making $75,000 to $100,000 a year are saying, ‘Everything is going up. “I call it a quiet recession because not many people are talking about it, but everyone is feeling it,” she says. economy is in a recession as those at the opposite end of the spectrum (61 percent for those earning $100,000 or more annually). Almost the same amount of those in the lowest-income households (60 percent of those earning under $50,000 annually) say they feel like the U.S. Most adults agreed the economy was in a downturn, regardless of income, age, region, gender and race. economy is in a recession, with 31 percent strongly agreeing, according to a new survey from Bankrate. Almost 3 in 5 (or 59 percent) of adults feel like the U.S. But to Gonzalez, it’s scenes like these in her restaurant - serving customers, wrapping sandwiches and swiping credit cards more than 500 miles away from where policymakers on the Federal Reserve have risked a slowdown to bring down inflation - that have her believing the downturn has already begun. Even Gonzalez’s deli has had to raise prices after the post-outbreak price surge.Įconomists are closing out 2023 pleasantly surprised that the most widely forecast recession in modern memory never showed. They also likely just don’t have the funds to afford what they used to, she speculates. Gonzalez says she hears from customers that they’re saving all the cash they can for emergencies. Five days a week for the past six months, her supervisor has had to take cash out of the bank just to restock the registers after paying the staff. Instead, she notices that her patrons are turning more to credit cards. ![]() The shop is even busier today than before the pandemic, Gonzalez has observed. It’s not that people aren’t dining in for pastramis or the restaurant’s signature fried egg roll reubens. In all of Petra Gonzalez’s 13 years heading operations at a local deli just outside of Lansing, Michigan, she’s never seen the cash register so empty.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |