The cost of living in the United States remained one of the main concerns, but almost three quarters of adults said they were “well or living comfortably,” said the Federal Reserve (Fed) in an annual survey on people’s attitudes about the economy.
The survey, in which 12,295 people participated, was held in October and reflected the economic mood in the last weeks of the presidential campaign that led the Republican Donald Trump to the White House.
The survey revealed that 73% of respondents at least were well economically, compared to 72% of the previous year and less than the recent maximum of 78% in 2021, when federal programs for support for pandemic income worked in full steam.
The general result, however, hides significant divisions between the different demographic groups.
Among those who have a university degree, 87% said they were fine, without changes since the previous year, but only 47% of those who have less than a high school diploma said the same.
In contrast to the opinions about their personal circumstances, only 29% considered that the economy as a whole was “good” or “excellent”, above 22% who thought like this in 2023, but well below the 50% that had that opinion in 2019, before the pandemic.
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This is how employment has behaved against inflation
Although inflation had moderated at the end of last year, prices remained one of the main concerns: 60% of adults said that the increase in prices from one year to another had deteriorated their finances and 79% changed their purchase and expense habits as a consequence.
In 2023, 65% of respondents considered that inflation was worsening their financial situation. 63% of adults said they would cover an unexpected expense of $ 400 “using cash or their equivalent,” as in the last two years, but less than 68% of 2021.
The survey also showed the fading of the effects of “great resignation” on the labor market, a reorganization of the labor caused by the pandemic.
The percentage of people who declared to have started a new job or have renounced an old one decreased slightly to 14% and 9%, respectively, compared to the recent maximum of 15 and 11% in 2022.
Among the workers who changed employment, the percentage of those who considered that it was better than the previous one decreased to 62%, compared to 67% in 2023 and 72% in 2022.
The survey also revealed a relatively low use of cryptocurrencies, since only 8% said they had invested in them or used to perform transactions, a point more than in 2023, but less than 12% of 2021, when the Fed asked the question for the first time.
With Reuters information
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