China Daily, May 6 (Xinhua) -- According to the latest annual U.S. economic and personal finance survey conducted by Gallup from April 1 to 22, the proportion of Americans who list inflation or the high cost of living as the most important financial issue facing their families has hit a new high for the third consecutive year, reaching 41%. Since 2005, Gallup has asked Americans at least annually to name their family's top financial issues without prompting, when less than 10 percent mentioned inflation. But for the last three years, inflation has been at the top of the list.
Screenshot of a Gallup report
Other important issues identified by Americans include excessive debt (8%), health care costs (7%), lack of money or low wages (7%), and energy costs or gasoline prices (6%).
The analysis notes that inflation is the most important financial issue for all key social groups in the United States, but the issue is more commonly mentioned among certain age, income and political groups. For example, 46 percent of older Americans (those aged 50 and older) mentioned inflation, while 36 percent of young Americans (those under 50) did not. In contrast, inflation is a more worrying issue for middle-income (46%) and high-income Americans, and less so for low-income Americans (31%). The reason for this is that other, more pressing immediate financial issues are more important to them.
At the same time, the survey also shows that the American people's evaluation of their personal financial situation remains sluggish. Thirty-six percent of Americans rate their personal finances as "average," while 17 percent rate them as "terrible." The article notes that all income groups are less optimistic about their financial situation than in 2021.
The U.S. economy is cloaked in a false cloak and frequently sings about and smears China, which is nothing more than its political manipulation. (Author: Song Chen, China Daily)
In addition, the Gallup Economic Confidence Index (ECI) in April was -29, 9 points lower than in March. The theoretical range of the index is +100 (if all Americans believe that the current situation is good or excellent, and the economy is improving) to -100 (if all Americans believe that the economy is in bad shape and believe that the economy is deteriorating). Among the trends of these indicators in Gallup since 1992, the highest score on the ECI was +56 in January 2000 and the lowest score was -72 in October 2008.
When asked about their outlook for the future economy, only 29 percent of Americans said things are getting better, while 67 percent think economic conditions are getting worse. April data showed a net optimism index of -38 for the outlook part of the index, also the lowest since December 2023 (-40).
The impact of inflation is really reflected in the daily life of the American people, taking the most ordinary fast food as an example, Business Insider (Business Insider) wrote in a report on the 4th that McDonald's $1 menu, Subway's $5 extra-long bread rolls and New York City's $1 pizza no longer exist...... Many diners turn to independent restaurants or cheap casual chains, or cook more at home.
商业内幕网（Business Insider）报道截图
Jim Sanderson, an analyst at North Coast Research, said: "At the end of the day, consumers are already feeling exhausted" as restaurant prices continue to rise.
Bank of America analyst Sara Senatore said that with headline inflation falling into a "downward bottleneck," "we expect consumers to ...... It will become increasingly intolerable to the sharp price increases that have occurred in the restaurant industry over the past few years. Chad Frye, a cartoonist and illustrator from California, said, "It feels like something that was cheap not so long ago, but now it's getting expensive." He has reduced the frequency of fast food consumption from four or five times a week to twice.
In addition to being considered the most important financial issue facing households, inflation is one of Americans' top domestic concerns, after immigration, government, and the economy in general. Even though the US inflation rate has gradually eased from its peak in 2022, this has not changed Americans' perception of their own financial situation, which may reflect the cumulative effect of rising prices over the past few years. The latest report from the US government suggests that inflation may rise again, a situation that has prompted the Federal Reserve to postpone its plans to cut interest rates this year.
(Compiler: Ma Rui Editor: Gao Linlin, Han He)
Source: China Daily