Wednesday, November 10, 2021

The economy is great, but voters don't believe it

 https://www.axios.com/economy-inflation-stocks-good-pessimism-biden-997e1f94-f600-4475-8cc3-811fd5cf247c.html

By the numbers: Economic strength is undeniable, both in the country overall and at the household level. The economy is expected to grow 5.7% this year.

  • Almost 6 million jobs were created just between January and October; the unemployment rate is now just 4.6%. The quit rate, the standard barometer of workers' optimism, hit an all-time record high of 2.9% in August.
  • Average earnings are up 3.5% this year and 4.9% annually, to $31 per hour.
  • Checking accounts are 50% fatter than they were pre-pandemic, while the bottom 50% of the population now has more than $3 trillion in household wealth — up 32% just in the first half of this year, and up 55% from before the pandemic.
  • Stocks hit a new record high every day last week (and yesterday, too), and are up more than 30% year-t0-date.

Yes, but: 56% of voters think the country is on the wrong track, up from 39% in June, per the Harris Poll; 57% think the economy is weak, up from 43% in June.

 

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