Americans Feel Financial Squeeze as Inflation Outpaces Wages
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Economists say there is no recession, but most Americans feel financially squeezed due to high inflation and rising interest rates.
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Two-thirds of Americans say the economy has negatively impacted their finances. Half say they are worse off than before the pandemic.
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High inflation is eroding savings and causing people to take on more credit card debt at a time of rising interest rates.
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While the job market is resilient, wages are not keeping up with the increased cost of living for many Americans.
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Americans focus on personal financial impacts, while economists define recessions by broader declines in employment, consumer spending, and hiring across the economy.