{"id":2028476,"date":"2023-09-11T19:03:01","date_gmt":"2023-09-11T23:03:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/more-us-households-say-they-are-worse-off-than-a-year-ago-new-york-fed\/"},"modified":"2023-09-11T19:06:04","modified_gmt":"2023-09-11T23:06:04","slug":"more-us-households-say-they-are-worse-off-than-a-year-ago-new-york-fed","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/more-us-households-say-they-are-worse-off-than-a-year-ago-new-york-fed\/","title":{"rendered":"More US households report being worse off than last year: NY Fed."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmore-us-households-say-they-are-worse-off-than-a-year-ago-new-york-fed%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2028476&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>As President Joe Biden and his administration try to promote Bidenomics and convince voters that the economy is strong, a new study found that more U.S. households are less optimistic\u2064 about their financial situations as the pressures of\u2062 high inflation and borrowing costs weigh \u2063on consumers\u2019 \u200bwallets.<\/p>\n<div class=\"my-5\">\n<blockquote>\n<p>According to the Federal \u2064Reserve Bank \u2063of New York&#8217;s August <a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/sce#\/\" target=\"_blank\" rel=\"noopener\">Survey of Consumer Expectations (SCE)<\/a>, 41 percent of households say they&#8217;re financially worse off than a year\u200c ago,\u2064 and nearly 30 \u200cpercent believe that they will \u200cbe worse off a year \u200cfrom now.<\/p>\n<\/blockquote><\/div>\n<p>Conversely, only\u2063 24 percent of \u2063households said \u2064they will be better off next year, and 18 percent think they&#8217;re better off than they were in \u20632022.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/world\/confident-consumers-fuel-retail-sales-growth-5486326\">Confident Consumers Fuel Retail Sales Growth<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">9\/5\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/world\/confident-consumers-fuel-retail-sales-growth-5486326\"><\/a><\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/article\/headwinds-coming-for-consumers-as-credit-card-delinquencies-jump-macys-says-5479260\">&#8216;Headwinds Coming&#8217; for Consumers as Credit Card Delinquencies Jump, Macy&#8217;s\u200c Says<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/23\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/article\/headwinds-coming-for-consumers-as-credit-card-delinquencies-jump-macys-says-5479260\"><\/a><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>The lackluster attitude regarding household finances might be\u200d driven by the belief that prices will continue to trend higher over the next 12 months.<\/p>\n<p>Americans anticipate that consumer prices will be slightly higher, with one-year consumer inflation expectations rising to\u2064 3.6 percent, up from 3.5 percent, the New York Fed found. The three-year projection slid to 2.8 percent, down from 2.9 percent in July. The median five-year-ahead expectations rose from 2.9 percent to 3 percent.<\/p>\n<p>In\u2063 addition, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/more-us-households-say-they-are-worse-off-than-a-year-ago-new-york-fed\/\" title=\"More US households report being worse off than last year: NY Fed.\">year-ahead commodity price estimates swelled<\/a> across the board, \u200drising by 0.4 percent for gasoline to 4.9 percent, and by 0.1 percent for food to \u200c5.3 percent. The cost of medical care jumped \u200dby\u2062 0.8\u2063 percent to 9.2 \u2064percent,\u2063 while home \u200dprice\u2063 growth expectations advanced\u2062 by 0.3 \u200bpercent to a 13-month high\u2063 of \u200c3.1 percent. Price expectations for both college and rent jumped by 0.2 \u2063percent, to 8.2 percent and 9.2\u200d percent, respectively.<\/p>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/manchin-every-senator-thinks-minimum-wage-should-be-increased\/\" title=\"Manchin: Every Senator Thinks Minimum Wage Should Be Increased\">consumer price index<\/a> for \u2062August will be \u200dreleased this week, and the\u200d consensus \u200cestimate suggests a 3.6 percent annual\u200c print, up from 3.2 percent in July. \u200bCore inflation, which omits the volatile energy and food \u200bsectors, is expected to slow to 4.3 percent year over \u2064year. \u2064The substantial jump is expected to be driven by <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-now-urging-oil-and-gas-companies-to-bring-down-rising-fuel-costs-report\/\" title=\"Biden Admin Now Urging Oil And Gas Companies To Bring Down Rising Fuel Costs: Report\">rising fuel costs<\/a>, with both crude oil and gasoline costs climbing in August.<\/p>\n<p>Other recent consumer sentiment \u2063surveys have eased.<\/p>\n<div class=\"my-5\">\n<blockquote>\n<p>The <a href=\"https:\/\/wallethub.com\/edu\/wallethub-economic-index\/91926\" target=\"_blank\" rel=\"noopener\">WalletHub \u200bEconomic Index<\/a> showed that consumers were 7 percent less confident about their financial outlook than they were a year ago, and consumers&#8217; stress levels about money rose\u2064 by 7 percent year over year.<\/p>\n<\/blockquote><\/div>\n<div class=\"my-5\">\n<blockquote>\n<p>The Conference Board&#8217;s <a href=\"https:\/\/www.conference-board.org\/topics\/consumer-confidence\" target=\"_blank\" rel=\"noopener\">Consumer Confidence \u2064Index<\/a> also slipped \u2062in August, plummeting\u200d from a downwardly revised 114.0 in July to 106.1.<\/p>\n<\/blockquote><\/div>\n<p>&#8220;August\u2019s disappointing headline number reflected dips in both the\u200b current conditions and\u200d expectations\u2062 indexes,&#8221; Dana Peterson, chief economist at The Conference Board, wrote \u200bin the report.<\/p>\n<div class=\"my-5\">\n<blockquote>\n<p>&#8220;Write-in responses showed that consumers \u200dwere \u2062once \u2062again preoccupied with rising prices in general \u2062and for groceries \u200band gasoline in\u2063 particular.&#8221;<\/p>\n<\/blockquote><\/div>\n<h2>Insert, Swipe, or Tap<\/h2>\n<div class=\"my-5\">\n<blockquote>\n<p>Over \u200cthe past year,\u200c research has found that consumers\u200d are turning to debt instruments\u2014from credit cards to personal loans\u2014to pay for necessities such as food, rent,\u2062 and utilities. This resulted in total credit card\u2064 debt <a href=\"https:\/\/www.newyorkfed.org\/newsevents\/news\/research\/2023\/20230808#:~:text=The%20report%20is%20based%20on,marking%20a%204.6%25%20quarterly%20increase.\" target=\"_blank\" rel=\"noopener\">topping $1 trillion<\/a> for the first time in the second quarter \u200dof this year. With the average \u200cinterest rate above 21 percent, consumers will owe about $150\u200b billion more to \u2063credit\u200d card companies by\u2062 the end of the year\u2014up \u2063from an inflation-adjusted $116 billion \u200bincrease in 2022, WalletHub \u200banalyst Jill Gonzalez said.<\/p>\n<\/blockquote><\/div>\n<p>&#8220;U.S. consumers are adding new credit card debt at a nearly unprecedented rate,\u201d Ms. Gonzalez said in a \u2064note. \u201cWe\u2063 added tens of\u200c billions of dollars in new credit card debt to our tab during the second\u200b quarter alone, which indicates that\u200d people\u200b are increasingly\u2062 needing to borrow to make ends meet. Nevertheless, household finances are still in \u200dsurprisingly strong shape.&#8221;<\/p>\n<p>The new challenge gripping U.S. \u2063households might be the ability to access credit, according to the regional \u2063central bank\u2019s findings. Fifty-three percent\u200b say it will be harder a year from now to obtain credit, and about\u2063 60 percent said credit\u2062 accessibility \u200bis harder than it was a year ago.<\/p>\n<p>Servicing credit card \u200bdebt is another hurdle to overcome, as \u2064the delinquency rate swelled above 5 percent in the April-to-June period, up from 3.35 percent the previous year.<\/p>\n<div>\n<figure style=\"width:600px\" class=\"alignnone\"><figcaption>Yera \u200dDominguez uses a credit \u200ccard reader to process a customer&#8217;s payment at Lorenzo&#8217;s Italian Market in Miami on May 20, 2009.\u2064 (Joe Raedle\/Getty Images)<\/figcaption><\/figure>\n<\/p><\/div>\n<p>This could be a situation that \u2063spirals out of control if the jobs arena collapses.<\/p>\n<p>After more than two\u2062 years\u200d of a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/most-americans-saw-their-incomes-shrink-in-july\/\" title=\"Most Americans Saw Their Incomes Shrink in July\">red-hot labor market<\/a>, \u2064conditions are starting to cool off, and \u200dhouseholds are worried about rising unemployment.\u200b The monthly SCE\u200c report found that the mean expectation\u2064 of losing a job rose to 13.8 percent\u2014the \u200dhighest rate since April 2021. This was up\u2062 from 1<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A recent study reveals that despite President Biden&#8217;s efforts to promote Bidenomics and assure a robust economy, increasing inflation and borrowing costs have left many American households feeling less optimistic about their financial situations. This finding comes from the Federal Reserve Bank of New York.<\/p>\n","protected":false},"author":278,"featured_media":2028477,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2028476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2028476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/278"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2028476"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2028476\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2028477"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2028476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2028476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2028476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}