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University of Michigan
reveals a large swath of the population bracing for a tougher time ahead. Thirty-two percent of surveyed adults expect their finances to worsen over the next 12 months, the university's Surveys of Consumers said in a Friday report. That's the largest recorded share since the survey started in the mid-1940s.
The slowing wage boom is also cause for greater concern. Half of surveyed households anticipate their inflation-adjusted incomes to drop through the year, according to the report, meaning inflation will outpace wage growth. The reading comes after government data showed the average hourly wage, badly missing forecasts and signaling the historic pay gains seen through the pandemic could be fading.
Americans' overall moods broadly worsened over the past month according to the University of Michigan. Consumer sentiment sank to 59.4 from 62.8 in March. That's also down from a year-ago reading of 84.9 and marks the most pessimistic sentiment in nearly 11 years.
Americans' soured economic sentiment comes despite an otherwise healthy recovery. The labor market is
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