69% of Americans Say The Economy Is Bad

  • by:
  • Source: Breitbart
  • 05/24/2022

69% of Americans Say The Economy Is Bad

  • by:
  • Source: Breitbart
  • 05/24/2022

The share saying the economy is bad had been holding steady for the first four months of the year and final two months of last year. Between September and November, the share saying the economy is bad jumped from 51 percent to 64 percent and held at around that level through April even as the unemployment rate fell from 4.2 percent to 3.6 percent.

Inflation climbed steadily higher during those months, with the Consumer Price Index’s annual gain going all the way from 6.8 percent in November to 8.6 percent in March. In April it notched down to 8.3 percent. Yet that did not raise the percent of people saying the economy is bad.

The Fed hiked interest rates in March by 25 basis points and in May by 50 basis points. Mortgage rates have shot up, with the 30-year fixed rate home loan rising from 3.1 percent in November to 5.25 percent now. Stocks have fallen sharply, with the Dow Jones Industrial Average down for eight straight weeks—the longest losing streak in 90 years.

Americans are extremely pessimistic on economic matters right now. Seventy-seven percent say they are pessimistic about the prices of goods and services, up from 70 percent in September. Sixty-eight percent say they are pessimistic about the national economy, up from 58 percent in September. Sixty-seven percent say they are pessimistic about the stock market, up from 49 percent in September. Fifty-seven percent say they are pessimistic about their retirement plans, up from 43 percent in the September poll.

A slight majority—52 percent—say they are optimistic about the local jobs market. That 48 percent are pessimistic is astonishing given the very low level of unemployment.

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