Americans’ economic outlook a bit more pessimistic, CBS News poll finds

The economic outlook for Americans remains mixed, with a slightly more pessimistic view compared to last month. Many Americans are expecting a slowdown or even a recession in the next year. Despite this, ratings of the current economy have not changed significantly and continue to be negative, reflecting a trend that has persisted since the pandemic began.

One of the main concerns for Americans is the rising prices, which continue to put a strain on finances. In fact, prices are the primary factor influencing how Americans assess the economy, outweighing considerations such as job reports, interest rates, and the stock market. Even with the recent volatility in the stock market, those who believe the market impacts their personal finances do not differ significantly in their economic outlook from the general population.

While over half of Americans report that they are doing at least fairly well financially at the moment, there are stark differences based on income levels. Those with higher incomes are more likely to express satisfaction with their financial situation, while those with family incomes under $50,000 are more likely to report financial difficulties.

A recent consumer confidence index hit a multi-year low, reflecting the ongoing concerns about the economy. Ratings for personal financial situations have returned to just over half indicating a positive outlook, with higher-income individuals more likely to report feeling financially secure. However, a significant portion of those with lower incomes continue to struggle financially.

Long-term financial concerns, such as having enough savings for retirement, also weigh heavily on many Americans. This anxiety about retirement savings is reflected in the survey results, highlighting a broader trend of economic uncertainty and financial insecurity among the population.

Overall, the survey paints a picture of a population grappling with economic challenges and uncertainty about the future. Despite some positive indicators, such as personal financial ratings, there are persistent concerns about rising prices, income stagnation, and long-term financial stability. The margin of error for the survey is ±2.5 points, and more detailed information can be found in the provided link to the toplines document.