Is the Economy as Bad as People Think?

Why most households are in better financial shape than prior to the pandemic, but remain frustrated at their lack of economic progress.

Topics covered include:

How consumer sentiment surveys are designed and their current findings.
Reasons behind consumer frustration with increasing prices amidst declining inflation rates.
The magnitude of the inflation shock and its underlying causes.
The concept of reference prices and their significant role in shaping consumer sentiment.
Factors contributing to the high levels of economic uncertainty among households.
Key elements required for enhancing consumer confidence in their economic future.
The political repercussions stemming from widespread economic dissatisfaction.

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Show Notes

Surveys of Consumers—University of Michigan

Consumer sentiment climbs amid split views on business outlook—University of Michigan

The Purchasing Power of American Households—U.S. Department of the Treasury

Unemployment Rate—St. Louis Fed

We Still Don’t Believe How Much Things Cost by Rachel Wolfe and Rachel Louise Ensign—The Wall Street Journal

It’s Been 30 Years Since Food Ate Up This Much of Your Income by Jesse Newman and Heather Haddon—The Wall Street Journal