A new survey has found that Americans still have pessimistic views on the economy and their financial futures as the country faces higher gas prices, multiple labor strikes and a potential government shutdown.
The new Morning Consult poll found that consumer confidence among high-income households in the economy dipped in September. U.S. adults earning more than $100,000 experienced a 4.3 percent sentiment dip this month, compared with a 2.8 percent decline among middle-income households and a .5 percent dip in low-income households.
The sentiment is measured based on consumers’ views about current and future personal financial conditions and business conditions, according to the poll.
The poll also measured three other inequality indicators among respondents: lost income, expected loss of income and whether respondents can cover less than a month of basic expenses using only savings.
Those making less than $50,000 a year are more likely to report inequality indicators, the poll found.
Thirteen percent of low-income households say that they have seen their income drop over the past week, 17 percent say that they expect a loss of income over the next four weeks and about one-third say they wouldn’t be able to cover a month’s worth of basic expenses using just their savings.
Those in the middle-income bracket — making between $50,000 to $99,000 annually — still report some challenges. Ten percent say they have lost income in the past week, 13 percent say they expect to lose income in the next four weeks and 19 percent say they couldn’t cover monthly basic expenses on savings alone.
Even those making more than $100,000 a year expressed concerns over their incomes, with 20 percent reporting that they expect to see their incomes drop in the next four weeks.
“A long uptrend in consumer confidence was disrupted in September, as Americans’ optimism was rattled. While the U.S. economy has proved resilient in recent quarters, it now faces headwinds from ongoing strikes, rising gas prices, elevated student loan payments and a potential government shutdown,” the poll states.
The poll was conducted among at least 260,000 respondents during the month of September.
