The share of “financially healthy” Americans contracted to less than one-third (31%) in 2022, down three percentage points from a year ago, according to the Financial Health Network.
The red-hot price inflation that’s burned so many people this year appears to be finally cooling down on everything from gas prices to housing costs, and consumers are finally starting to see light at the end of the inflation tunnel, according to a new look at consumer expectations.
On Tuesday, the Bureau of Labor Statistics is scheduled to release August’s consumer price index. The index is expected to show prices declining 0.1% month to month, according to economists polled by the Wall Street Journal. Meanwhile, home prices are poised for a “correction” as mortgage rates go higher and buyers pull back, according to Mark Zandi, chief economist at Moody’s Analytics. Also, annual home price appreciation slowed in July for the third consecutive month, CoreLogic noted.
Americans’ real wealth dropped by a record 20.9% in the second quarter, according to a MarketWatch inflation adjustment to new Federal Reserve data on household wealth. The figure accounts for the size of bank accounts, but also stock market holdings. Other numbers show the money stress households are enduring. The share of “financially healthy” Americans contracted to less than one-third in 2022, down three percentage points from a year ago, according to the Financial Health Network.
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