However, what may affect more Americans more directly each day is the state of the U.S. economy.
Here’s the disconnect between the data and daily life: People feel the pinch due to rising costs at the gas station and the grocery store, even though there is a lot of good economic news to be thankful for.
I borrowed a lot of her language for this list of probably good news, which includes:
- US industrial output accelerates above pre-pandemic levels.
- Car manufacturing returned last month and factory output would have been even stronger if not for hiccups in the corporate supply chain.
- Corporate profits are enviable and large companies are navigating the supply chain problems by passing on higher costs to customers and even filling their profit margins along the way.
- The largest listed companies have larger profit margins today as before the pandemic, and your retirement account probably shows it.
- The Dow rose 17% this year and the S&P 500 is 25% higher. If you step back further since the market collapsed in 2020, some averages have doubled.
- Workers have the upper hand. You’ve heard it called the “Great Resignation” – Americans resigning their jobs in record numbers. In September, 4.4 million jumped, and economists say many take better jobs with higher salaries and start-up bonuses.
- Pay checks are fatter after years of sluggish wage growth, especially for low-wage workers. Wage growth is close to 5%.
- Americans save. Thanks to higher pay, Covid-19 stimulus checks and child tax credits, Americans have a surplus of $ 2.3 trillion in savings since the crisis began. JP Morgan says its median checking account balance is 50% higher this year than in 2019.
- The economy adds jobs. A total of 5.8 million jobs were added this year.
Here is definitely a contradiction if the national mood is down while the economic indicators are up.
“Inflation is about all the news, but most other indicators are roaring forward,” Romans said in her report.
She gave two reasons why consumer sentiment meters do not reflect the strong indicators:
- Americans are exhausted by the pandemic.
- They are bombarded every day by higher prices at the grocery store and the gas station. “Everyone drives and eats; not everyone owns shares,” she said.
I asked Ariel Edwards-Levy, CNN’s poll editor, how to view the national vote, and she argued the poll defies easy takeaways.
She said: “It is true at the same time that:
- a) concerns about the economy are increasing,
- b) the economy is still not nearly as dominant an issue as during the Great Recession,
- c) Americans’ prevailing views of the economy at the moment are generally fairly common and
- d) views of the economy are now entangled with bias. “
The biased element is an important one. Large parts of the Republicans may have a worse view of the economy at the moment simply because of their disregard for Biden. Democrats may have shown the same behavior during the Trump administration.
The American Farm Bureau Federation noted that turkeys are more expensive this year, but also added the asterisk added that he bought for turkeys to make these calculations before grocery stores had stock for Thanksgiving.
An abundance of turkeys is something every American can be grateful for, even if there is concern that they are costing a little more.