About 72% of adults were doing at least okay financially as of October 2023, the Fed's annual survey on household economics and decision-making showed.That was down from 78% in 2021 and the lowest rate since 2016, though little changed from 73% in 2022. The share of parents doing at least okay financially dropped 5 percentage points to 64%, the lowest level since 2015 when data collection began. Inflation remained the top financial concern, the report said.
It was the latest in an array of pulse-takings of U.S. consumers to show a generalized gloom hanging over Americans' view of the economy and their own financial well-being even as growth has exceeded expectations and the job market remains strong.Monthly surveys from other organizations like the Conference Board and the University of Michigan have shown a persistent pessimism that began about three years ago alongside the arrival of the highest inflation since the 1980s.
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