Economist Diane Swonk: Only high-income Americans with stock portfolios feel good about the economy
By
dataflow
Front-window bakery material. Catches the eye, delivers the goods.
Summary
Economist Diane Swonk argues that while economic indicators appear positive with slowing inflation and potential Fed rate cuts, the economy 'looks better than it feels' for most Americans. She notes that only high-income earners (over $200,000) with substantial stock portfolios feel good about the economy, while underlying data shows erosion and potential fragility heading into Q4. Energy costs, particularly gasoline prices, continue to drive inflation concerns.
Key quotes
· 4 pulledThe only groups that feel good about the economy now are making over $200,000 in the surveys and have large stock portfolios
The economy 'looks better than it feels' because the very data used to measure it is eroding
The illusion of resilience could shatter heading into the fourth quarter
Energy costs, again, were the main driver, with gasoline up at 4.1%
You might also wanna read
Five Economic Indicators Challenge Negative Narratives About Trump's Economy
The article presents a contrarian perspective on the Trump economy, arguing that despite negative consumer sentiment and inflation concerns
newsweek.com·11h ago
US consumer confidence dips in May as high gas prices and inflation offset stock market gains
U.S. consumer confidence declined in May for the first time in three months, with the Conference Board's index slipping 0.7 points to 93.1.
apnews.com·4d ago
American Consumer Sentiment Hits Lowest Level Since 1952 Amid Widespread Economic Dissatisfaction
The article examines the paradox of widespread American unhappiness and economic pessimism despite relatively strong macroeconomic indicator
theatlantic.com·3d ago
The G-Shaped Economy: Why consumer sentiment is at a record low but spending keeps rising
The article explores the puzzling disconnect between record-low consumer sentiment in the U.S. (with the University of Michigan's index hitt
Key inflation gauge hits three-year high as US consumer confidence slips
A key inflation gauge monitored by the Federal Reserve accelerated in April to its highest level in three years, squeezing American househol
bit.ly·1d ago
American Consumer Sentiment Hits Lowest Point Since 1952 Amid Widespread Economic Dissatisfaction
The article examines the paradox of widespread American unhappiness and economic pessimism despite relatively strong macroeconomic indicator
theatlantic.com·4d ago