![]() ![]() adults received either a raise or a promotion in 2022 amid the strong labor market. unemployment remained at a 54-year low of 3.4% in April. Despite consistent recession predictions from Wall Street, the U.S. ![]() ![]() While a record 35% of Americans said they were doing worse off financially than a year ago in the Fed’s latest household survey, there were also some bright spots due to the low unemployment rate. “The 2022 survey found that self-reported financial well-being was among the lowest levels observed since 2016,” the central bank’s researchers wrote of the data, noting that “higher prices have negatively affected most households.” And when asked about non-emergency expenses, 18% of Americans said the largest expense they could cover using only their savings was under $100. That means nearly one in four consumers would have to use credit, turn to family, sell assets, or get a loan in order to cover any major unexpected cost. Households survey released Monday, some 37% of Americans lack enough money to cover a $400 emergency expense, up from 32% in 2021. According to the Fed’s 2022 Economic Well-Being of U.S. ![]()
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