Planet Money Why are we so bummed about the economy?
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Dec 1, 2023 Despite a recovering economy, including lower unemployment and inflation, people are feeling gloomy about their financial situations. The podcast dives into the surprising disconnect between actual economic improvements and negative consumer sentiment. In Michigan, a survey captures public perceptions of this paradox, influenced by media and politics. There’s also a discussion of the unequal recovery post-pandemic, with affluent individuals faring better while lower-income households still struggle, raising concerns for future economic stability.
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The Sentiment Puzzle
- Consumer sentiment traditionally reflects economic performance.
- Currently, sentiment is low despite positive economic indicators, creating a mystery.
Sentiment Rollercoaster
- Consumer sentiment initially dropped during the pandemic but then rose with economic programs.
- Sentiment fell again as inflation increased, even with a strong job market.
The Glaring Disconnect
- Despite improving economic conditions in 2022, consumer sentiment remained low.
- This disconnect between reality and perception deepened in 2023.