Half of Americans say they're worse off financially than a year ago
4 hours ago
- #Inflation Impact
- #Economic Pessimism
- #Consumer Finances
- Nearly 48% of Americans reported being financially worse off in May compared to a year ago, the highest percentage since January 2023.
- Consumer optimism about future financial improvement hit its lowest level since October 2022, and confidence in finding new jobs declined.
- Inflation, driven by factors like the Iran war, is expected to accelerate to 4.2% annually, eroding purchasing power despite wage growth.
- Job security concerns are rising, with 15% fearing job loss within a year, while credit card delinquencies have reached their highest level since 2011.
- Financial strain persists as high gas prices impact household budgets, and most Americans feel their wages are not keeping up with inflation.