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In the wake of the pandemic,
American households have
contended with everything
from inventory shortages
and product rationing —
to backorders and empty
shelves. This was followed
by the highest inflation level
in four decades and interest
rates at a more than 20-year
high — dramatically impacting
home buying, car buying,
credit
card
rates,
debt
levels, and the availability of
financing. Many experts fear
that the U.S. consumer is
simply exhausted.
In a Gallup Poll conducted in September 2023, 73% of Americans said economic conditions are getting
worse. In addition, the Economic Confidence Index, which has been negative almost every month since
the start of the pandemic in 2020, dropped to -39. According to Gallup, the only other period of such
sustained negativity about the economy was recorded in the years after the 2007-2009 recession.9
9 https://news.gallup.com/poll/511868/americans-weak-economic-ratings-slip-further-september.aspx
100
80
73
60
40
20
24
The Personal Savings Rate of Americans