Americans' Economic Outlook Brightens as Inflation Cools, Pay Outpaces Prices
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Americans' outlook on inflation and the economy has brightened recently as data shows slowing inflation, rising wages, and other positive economic signs.
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Inflation has fallen from 9% in June 2022 to 3.4% now, reaching the Fed's 2% target over the past 6 months.
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Paychecks have outpaced inflation in the past year, with typical weekly earnings rising 2.2% after adjusting for inflation.
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Prices still remain well above pre-pandemic levels, with groceries 20% more expensive and rents up 6.5% in the past year.
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Americans' economic optimism could boost Biden's reelection chances, though partisan views may limit how much sentiment improves.