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COMMENTARY OF THE DAY
By
Robert Namer
Voice Of America
©2024 All rights reserved
April 09, 2024

     An overwhelming majority of Americans, 92%, have cut back on their spending in the past six months, and 76% plan to continue to curtail spending on non-essential items through the holiday season, a Morning Consult poll for CNBC foundThese are not good financial times.

     In addition, 62% expect to reduce their outlay on essential items in the next six months.  The poll was conducted among 4,403 U.S. adults.  While 54% have trimmed their grocery budget, major discretionary spending categories have also been hit across the board.

     
While inflation has come down in the past year, it has ticked up in the past two months largely due to higher gas prices, and, at 3.7%, is still stubbornly high.

Cumulatively, since President Biden has taken office, inflation has risen 16.9% .

Economists are still at odds as to whether the U.S. will avoid a recession. While unemployment stood at 3.8% in August according to the Bureau of Labor Statistics, clarity as to the continued strength of the labor market is fogging up amid major strikes by Hollywood writers and actors, as well as the United Auto Workers.  All of this has put consumer companies on watch and consumers on edge.  

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