Majority of Americans Say They Are Worse Off Today Than a Year AgoJohn Carney 11 Jul 2022
More than half of Americans say they are financially worse off than they were a year ago, a survey released Monday by the Federal Reserve Bank of New York showed.
The New York Fed’s Survey of Consumer Expectations found that 36.1 percent of respondents said they were financially somewhat worse off than a year ago, up from 32.8 in May and 19.9 percent a year ago. Another 15.2 percent said they are much worse off than a year ago, u from 13 percent in May and 3.9 percent a year ago.
In total, 51.3 percent say they are worse off. That’s the first time in the history of the survey, which goes back to 2014, that a majority have said they are worse off.
Households have also become gloomier about the future. The share of people who say they expect to be much worse off financially a year from now rose to 13.6 percent, up from 10.8 percent in May and 4.6 percent a year ago. The share who expect to be somewhat worse off rose to 31.1 percent from 28.6 percent in May and 16.3 percent a year ago.
The survey also found that year ahead inflation expectations increased while expectations for the longer term decreased. Median one-year-ahead inflation expectations had consumers forecasting 6.8 percent price increases, up from 6.6 percent in May. That marks a new series high. The increase in short-term expectations was driven by respondents over age 60 and respondents with at least some college education, according to the New York Fed.
more
https://www.breitbart.com/economy/2022/07/11/majority-of-americans-say-they-are-worse-off-today-than-a-year-ago/