Americans are increasingly seeing the economy — and their own prospects — more negatively than a few months ago, despite good news from many economic indicators. Unemployment is near an all-time low and wages are rising faster than inflation. But consumer spending is weak and there is a sense of caution among many Americans. It seems they are unsure about their current economic situation and how well they will be doing in the future. This is reflected in recent polling, which suggests that Americans are more likely to see the economy as “fair or poor” rather than “excellent or good,” and are less likely to see their financial situation improving in the near future. This negative sentiment may be one of the reasons why President Donald Trump’s approval ratings have dropped and Democratic presidential candidates are gaining traction in the polls. It also could explain why voter turnout in the recent midterm elections was higher than usual.
Americans are unusually down on a solid economy. So far, they aren’t spending — or voting — like it.
