Recent data reveals the economic struggles faced by many Americans. As of July, a staggering 61% live paycheck to paycheck, per a LendingClub report, showing a slight rise from the previous year’s 59%. Although there were expectations of relief with the slight deceleration in the pace of price hikes in June and July, inflation continues to pressure household budgets. Federal Reserve Chair Jerome Powell’s stance on inflation remains cautionary, hinting at potential interest rate increases ahead. The Federal Reserve’s key interest rate is at its highest in over two decades, impacting spending habits of 80% of consumers. The blow is felt most by lower-income workers with necessities taking a bigger chunk of their budget. Financial stress is evident as 70% of Americans express concern over finances, driven by inflation, high interest rates, and inadequate savings. Shockingly, only 45% have an emergency fund, and a significant portion of those with savings have less than $5,000 stashed away. #Inflation #AmericanEconomy #FederalReserve #PaycheckToPaycheck #InterestRates #FinancialStress
TOPICS AND TIMESTAMPS:
Consumer Troubles 0:00
What Does the Data Say? 7:43
What Can We Do? 12:30
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