Despite Improving Economy, Most Americans Remain Gloomy as High Prices Outpace Pay
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Despite slowing inflation and low unemployment, most Americans feel gloomy about the economy according to polls. This puzzles many, as key economic indicators have improved.
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Prices rose rapidly in the past year and remain high for many goods like groceries and rent. Though inflation is cooling, incomes haven't kept pace, leaving Americans frustrated.
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Partisanship affects views, with Republicans more likely to see the economy as poor under a Democratic president. But many still feel economic pain from high prices.
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Lower income Americans got bigger raises but face higher inflation on essentials like food and gas. So they don't feel better off despite higher pay.
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People hate inflation intensely, even beyond its economic impact. Salient price hikes on necessities fuel anger, even as broader inflation slows.