Not
quite an American dream! Many Americans are struggling financially
more than five years after the recession with a quarter of the
families saying they were "just getting by", according to
US Federal Reserve data. As of September 2013, when the central bank
conducted the poll, a quarter of families said they were "just
getting by," while an additional 13 per cent struggling to make
ends meet. Asked to compare their current financial situation with
how they were faring five years ago, as the housing crash was
wreaking havoc on the economy, 34 per cent of respondents said they
were doing "somewhat or much worse" than in 2008. The same
percentage reported essentially treading water, while 30 per cent
said they were doing better. "Given that respondents were being
asked to compare their incomes to 2008, when the United States was in
the depths of the financial crisis, the fact that over two-thirds of
respondents reported being the same or worse off financially
highlights the uneven nature of the recovery," the Federal
Reserve said in the report. The Fed found that more than 60 per cent
of US families were either "doing OK" or "living
comfortably", CBS News reported. The survey of 4,100 households
was conducted between September and October of last year. Since then,
economic growth has been inconsistent. The nation's GDP shrank 2.1
per cent over the first three months of the year, when harsh winter
weather slowed consumer spending and dented the housing sector. But
GDP surged to an annualised 4 per cent between April and June, while
the job market has strengthened in recent months. Americans' biggest
financial concerns centered on three issues, the Fed found:
retirement, education and jobs. And even with the economy seemingly
on the mend, other findings from the Fed survey highlight the
financial challenges many Americans still face. For instance, a third
of households who had applied for credit in the previous 12 months
reported being turned down or getting less than they asked for.
Meanwhile, 10 per cent of households said their income fluctuates
significantly from month to month, largely because of an irregular
work schedule or because respondents are unemployed. Wage growth has
been soft throughout the recovery, which officially began in June
2009. That has strained household budgets and damped consumer
spending, slowing the pace of recovery. The Great Recession was a
global economic decline in the late 2000s decade. The effects of this
economic downturn are having a continued influence into 2014.
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