The fallout from the COVID-19 pandemic has been so wide-reaching that 50 percent of Americans say they are now worse off than a year ago, the most since the Great Recession of 2008 and 2009.
A study by Gallup found that only 35 percent of Americans reported that they are better financial positions than they were just a year ago. The analytics firm has been surveying Americans on the state of their finances since 1976 and said it is rare that half or more of the country report they are doing worse financially than the year before.
Last year, the survey was even with 41 percent saying they were in better positions and 41 percent reporting that they were worse off.
The dropoff in financial security is linked to historically high inflation rates and a drop in a stock market value despite personal wages spiking. When it comes to low-income earners, 61 percent say their finances have diminished over the last year. Just 26 percent reported improvements.
While the current inflation rate sits at 6.5 percent, Americans say they are hopeful about the future. Sixty percent of respondents said they expect their finances to improve in the next year.
Gallup concluded that there could be chance to avoid an economic recession if financial optimism remains high and Americans continue to spend, ultimately boosting the economy.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
