Americans are less confident about the economy, according to a new survey.
Gallup’s recently released economic confidence rating dropped from March to April as inflation remains elevated. Just after the polling was conducted from April 1-22, the federal government released underperforming Gross Domestic Product data.
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Under President Joe Biden, economic growth has been partly sustained by Americans spending through their savings on everyday goods, according to experts who spoke to the Daily Caller News Foundation.
Gross Domestic Product (GDP), a measure of economic growth, has remained persistently high, coming in at 2.1 percent for the second quarter of 2023, even as the Federal Reserve has attempted to tame growth through hikes of its federal funds rate. The main contributor to U.S. GDP is consumer spending, which has managed to notch consistent increases at the expense of the savings of average Americans, experts told the DCNF.
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Newly released inflation data breaks down how much prices have increased in each state.
The U.S. Bureau of Economic Analysis released new data Wednesday for how the Personal Consumption Expenditure, a key marker of inflation, rose in each state last year. According to the BEA, PCE is a measure of the prices Americans pay for goods and services.
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Newly released federal inflation data shows that inflation ticked up in June.
The U.S. Bureau of Economic Analysis Friday released its Personal Consumption Expenditure, a favorite inflation marker for the Federal Reserve, which showed a 0.2% increase.
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Inflation rose more than expected in August, leaving Americans facing even higher prices on a range of everyday purchases, according to newly released federal inflation data.
The Bureau of Economic Analysis released the pricing data, which showed the Personal Consumption Expenditure excluding food and energy, a key marker of inflation, rose 0.6%, higher than expected by Dow Jones.
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The majority of Americans feel they are “falling behind” as the cost of living continues to rise, according to newly released polling.
The poll from NBC News asked, “Do you think that your family’s income is … going up faster than the cost of living, staying about even with the cost of living, or falling behind the cost of living?”
In response, 62% of those polled said “falling behind” while only 6% said their income is “going up faster” than the cost of living.
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