Consumers do not like higher prices, according to the latest WSJ-NORC survey…(Wall Street Journal)
- Some 83% of respondents described the state of the economy as poor or not so good. More than one-third, or 35%, said they aren’t satisfied at all with their financial situation. That was the highest level of dissatisfaction since NORC began asking the question every few years starting in 1972…
The survey also reported that the share of respondents who said their financial situation had gotten worse in the past few years was 38%. That marked the only time other than in the aftermath of the 2007-09 recession that more than three in 10 respondents said their pocketbooks were worse off.
- Even worse, only 27% of respondents said they have a good chance of improving their standard of living. This is a 20-point drop from last year.
After 40 years of very low inflation this recent spike in prices is obviously a shock to almost everyone. On Friday, we will get the latest CPI data which economists are predicting will show slowing, slightly, for the second month in a row. Prices are expected to rise 0.7% for the month with a year-over-year increase of 8.2%, down slightly from April’s 8.2%.
