"The unemployment rate was a mere 4.3% in March. Inflation, even after the war-induced energy price surge, has been 3.3% over the past year."
"People experience inflation not as a year-over-year percentage change, but as a cumulative experience. Americans are still experiencing sticker shock at the price of groceries and other goods."
"Political polarization is also part of the story. Survey respondents' answers about the economy are dominated by their partisan leaning."
The University of Michigan's preliminary consumer sentiment reading for April is the lowest recorded since 1978. Political polling indicates that 63% of respondents view the economy negatively, with 65% disapproving of President Trump's economic management. Despite a low unemployment rate of 4.3% and a steady GDP growth, inflation and rising energy prices are causing public concern. The perception of inflation is influenced by cumulative experiences rather than year-over-year changes, leading to ongoing sticker shock for consumers. Political polarization affects how individuals perceive economic conditions.
Read at Axios
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