Reported 5 months ago
Despite record job gains and solid economic growth during Joe Biden's presidency, consumer confidence remains weak and his approval ratings poor. A new Federal Reserve analysis of household finances found that 72% of consumers reported they were doing "at least OK" financially, down from 78% in 2021 and matching a low reached in April 2020. The pandemic's impact is still shaping consumer attitudes, with many feeling worse off now compared to the abnormal financial security experienced during COVID years due to federal aid programs that have since ended. Working parents have been particularly affected, with the child poverty rate increasing after a stimulus measure expired in 2021. Food inflation is a major concern, with 35% of respondents citing it as a problem, especially the rising cost of groceries. Despite challenges, there have been improvements, such as an increase in non-retirees feeling their retirement savings plan is on track and retirees reporting financial stability.
Source: YAHOO