Many Americans Feel Financially Worse Off Than Last Year
WHO:
CBS News - Nearly half of Americans are feeling financially worse off.
CNN - Elizabeth Renter, senior economist at NerdWallet, provided insights on the job market.
WHAT:
NY Post - Households reporting finances as 'much worse off' than a year ago jumped to 13.3%, the highest since July 2022.
CNN - The May data, scheduled for release on Wednesday, is expected to show that the annual pace of price hikes is running north of 4% for the first time in three years.
CNN - The May jobs report showed an estimated net gain of 172,000 positions.
CBS News - A New York Fed survey indicates growing concern about household finances and the job market.
CNN - The share of Americans who reported being “somewhat worse off” or “much worse off” financially in May was the largest since January 2023.
CNN - The percentage of Americans expecting to be “somewhat better off” or “much better off” financially has decreased for five consecutive months, reaching a level not seen since October 2022.
CNN - The mean perceived probability of job loss in the next year rose to 15.1%, a six-month high.
CNN - The mean perceived probability of finding a job within three months after being unemployed fell to 43.7%, a five-month low.
CNN - The mean probability of voluntarily quitting one’s job increased to the highest level in over three years.
WHERE:
CBS News - The survey data is from the Federal Reserve Bank of New York.
WHEN:
CNN - The May Survey of Consumer Expectations was referenced, indicating the data was collected in May.
CNN - The Consumer Price Index rose from 2.4% at the start of the year to 3.8% as of April.
WHY:
CNN - Concerns about household finances are exacerbated by a US-Israeli war against Iran, which is driving up costs, particularly for gas and food.
CNN - Rising gas prices have contributed to increased inflation, erasing wage gains.
HOW:
CNN - The mean probability of voluntarily quitting one’s job increased to the highest level in more than three years.
CNN - Inflation expectations are closely monitored by the Federal Reserve as potential predictors of future economic behavior.
(UPDATED June 8, 2026 23:19 UTC)
Households are feeling the financial pinch, with reports indicating that 13.3% of them now describe their finances as "much worse off" compared to a year ago, marking the highest level since July 2022. This significant increase reflects growing concerns about economic stability among families. As the financial landscape continues to shift, many are left wondering how these trends will impact their day-to-day lives.
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(UPDATED June 8, 2026 21:32 UTC)
The upcoming release of the May data is anticipated to reveal that the annual pace of price hikes is exceeding 4% for the first time in three years. Additionally, the May jobs report indicated a net gain of 172,000 positions, reflecting a positive trend in the job market. Interestingly, the likelihood of employees voluntarily quitting their jobs has reached its highest level in over three years, suggesting a shift in workforce dynamics.
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(UPDATED June 8, 2026 19:43 UTC)
A recent survey from the Federal Reserve Bank of New York reveals that nearly half of Americans are feeling financially worse off, with the share of those reporting being “somewhat worse off” or “much worse off” in May reaching its highest level since January 2023. Concerns about household finances are being fueled by rising gas prices and inflation, which have erased wage gains and contributed to a six-month high in the perceived probability of job loss at 15.1%. Additionally, the likelihood of finding a job within three months after unemployment has dropped to a five-month low of 43.7%, reflecting growing unease in the job market.