Remember back in ‘09 when Lil Wayne said “honestly, I’m down like the economy?” Some things never change! 🙃🎶 If she can’t name the song, she’s too young for you, bro. 🚼
The stock market is juiced up more than the WWE in the 90’s, but that’s not helping how Americans feel about the economy. New survey results tell us more of the story. ⏬
Here’s Five Fast Facts on why Americans feel bad about the economy:
- 🚌 Struggle Bus - According to a recent survey, 65% of Americans say they’re struggling financially every month. That’s up from 58% in June 2024. Another data point: in September, the University of Michigan Consumer Sentiment Index was 21.4% lower than it was last year. It’s now lower than it was in 2008/09.
- 🤼 Blame Game - Some people blame politics, as Democrats tend to be unhappy with the current administration’s plans. However, data shows Team Red and Team Blue both feel more negatively about the economy than they did in 2020. In September, the Consumer Sentiment Index for Republicans was 33.5 points less than February 2020. For Democrats, 39.1 points below.
- 🫧 Feeling Bloated - Talking heads might tell you inflation’s not a problem because the Consumer Price Index is up just 2.9% since last year. What they don’t factor in is that wages aren’t rising as quickly as they used to. Also, the price of staple items continues to rise. According to the survey, 47% of survey respondents said groceries are harder to afford this year than last.
- 🤖 Bot Brigade - Meanwhile, the stock market is roaring away. In Q2, GDP rose by 3.8% rate in Q2 and a similar reading is expected for Q3. Plot twist: we can chalk a lot of that up to AI and data center investments, which don’t really do much in the job creation department. They’re also driving up our electric bills.
- 💼 Work It - Right now, unemployment is pretty low (4.3%), but employers are also hiring far less new workers. We’re talking the lowest level in five years. Data shows young adults are feeling this pretty hard.
🔥Bottom line: History tells us that when the stock market and the real world are singing different tunes, it’s only a matter of time before things bottom out. What that’ll look like, we’re just as curious as you are. Wondering why your grocery bill is creeping up again? We unpack all the latest in this article.
How has the current economy impacted your finances?
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