Americans Report Stronger Finances in President Trump’s 1st Year
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The percentage of Americans who report they are doing “at least Okay” financially rose in President Donald Trump’s 1st year in office, according to Fed data published Tuesday.
The data was in line with other readings detailing America’s long recovery from the 2007-09 recession, including years of mostly steady job growth and a more recent uptick in wages.
The central bank said 74% of US adults said their finances were at least Okay in Y 2017, that is 4 points higher than in Y 2016.
Improvement was strongest in lower income households.
About 40% of adults faced a high likelihood of material hardship, such as an inability to afford sufficient food, medical treatment, housing or utilities, according to the Fed’s report, which was based on a survey of 12,246 people last year.
Also, about 20% people reported they personally knew someone who had been addicted to opioids. White adults were about twice as likely to be personally exposed to opioid addiction than Blacks or Hispanics, regardless of education levels, the Fed said.
People exposed to opioid addiction also gave more dismal assessments of the local and national economies, although jobless rates in their areas were not higher than in areas where people were less exposed to opioids, the Fed said in the report.
“This analysis suggests the need to look beyond economic conditions to understand the roots of the current opioid epidemic,” according to the report.
The Fed has conducted the survey since Y 2013, although last year was the 1st time people were asked about opioid addiction.
President Trump took office in January 2017 after a Presidential election campaign that included promises to boost the economy and fight opioid addiction.
While the US unemployment rate had been falling for several years before Donald Trump assumed office, it has continued to fall and is currently at a 17-year low at 3.9%.
Tuesday, the major US stock market indexes finished at: DJIA -178.88 at 24834.41, NAS Comp -15.58 at 7378.46 S&P 500 -8.57 at 2724.44
Volume: Trade on the NYSE came in at 821-M/shares exchanged
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