New poll reveals Americans’ views of economy, finances worsen
A new US poll shows that most Americans believe their country's economic situation is deteriorating.
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The proportion of Americans who view the state of the economy as fairly bad or worse has grown for each of the past two months, rising from 63 percent in April to 75 percent in the latest poll.
The increased pessimism comes after inflation rates in May surpassed economists' expectations, with annual inflation hitting a 40-year high of 8.6 percent. Rising oil, food and shelter costs largely fueled May’s inflation spike.
As the Federal Reserve responds to surging inflation by rapidly raising interest rates, nearly half of respondents said they expect the U.S. economy next year to be in a recession.
More than two years after the outbreak of the coronavirus in the world, American citizens are now witnessing inflation and a jump in commodity prices. Inflation is rooted in the economic effects of the coronavirus epidemic.