Americans sour on economy amid inflation woes: AP-NORC Poll

Americans sour on economy amid inflation woes: AP-NORC Poll

SAN FRANCISCO,  -- Americans' views on the U.S. economic situation have declined noticeably over the past month, a new poll shows. Nearly half of Americans expect the economy to get worse in the coming year.

According to a poll conducted by The Associated Press-NORC Center for Public Affairs Research, only 35% consider the nation's economy good and 65% consider it poor. This is a drop from September when only 45% of Americans regarded the economy as good. It also represents a return to the same level of opinion about the country's economy in January and February when the pandemic was raging.

As the cost of goods rises, especially gas prices, Americans are less able to afford their goods. Additionally, bottlenecks in global supply chains have made it more difficult to purchase furniture and automobiles. The Labor Department reported that September consumer prices rose 5.4% compared to a year ago, which is the largest increase in one-year since 2008.

Nadine Christian (55) said that she has been worried about the increasing cost of living in the past year.

Christian stated that he grew up in 1970s, and he remembers how difficult it was for his parents to make ends meets. This was the last time high inflation had severely affected the U.S. economy. It's not as bad as it used to be, but I feel like we could all go off the tracks any day.

Nearly half of Americans, 47%, now expect the economy will worsen in the coming year. Only 30% think it will improve. A AP-NORC poll was conducted in March and February. 44% of respondents expected the economy would improve in the next year, while 32% predicted it would get worse.

70% of Democrats stated earlier this year that they believed the economy would improve. Only 51% of them do now. The share of Republicans who believe the economy will worsen has risen to 74%, compared with 59% earlier in this year.

Joseph Binkley (34), from Indiana said that he is concerned about inflation, but believes the economic problems are temporary.

He said, "I believe it's mostly an issue of supply-demand as the economy is improving."

Binkley stated that he supports President Biden’s economic policies.

"A lot of the first year of a presidency is dealing the previous administration's policies. Biden will have to deal with the issues of the prior administration, I believe."

According to AP-NORC, 58% of Americans disapprove of Biden's economic management. 41% agree.

The poll showed that Americans remain optimistic about their financial situation despite the decline in the US's economic outlook. According to the poll, 65% of Americans believe their personal financial situation has improved since before the pandemic. Still, 24% of Americans believe their personal finances will worsen in the coming year, a rise from 13% earlier in this year.

AP-NORC poll

This poll also indicates that the pandemic is helping workers to bargain better: 36% of Americans feel very or extremely confident they can find a job if they want it. In March 2020, 25% of respondents said this, while 30% of respondents said the same in June 2019. Another 35% said they are at least somewhat confident.

Nearly half of Americans (49%) now believe they can pay an unexpected $1,000 bill. This is up from 36% in February 2020 and 40% in June 2019.

However, economic inequalities remain between Black and Hispanic Americans as compared to their white counterparts. White Americans are more likely to feel confident about their ability to pay unexpected medical bills or expenses than Black and Hispanic Americans.

The supply chain problems have impacted economic forecasts for businesses. Several large companies claim it has been difficult to find basic materials for manufacturing, such as raw materials or semiconductors.

Steve Steinour, CEO Huntington Bancshares (a large regional bank chain based primarily in the Midwest), said, "Companies keep saying to me, If I could only get the materials, our business would grow significantly.'"

Updated Date: 01 November 2021, 14:10

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