Up until 2020, Americans' view of the economy was deeply connected to the unemployment rate. The pandemic weakened that tie, research finds.
sheds light on a vibe that many are puzzling over but isn't yet well understood: Why are people so unhappy with the economyLately, the blame's landed on record-high inflation. But this paper complicates that view.Prior to 2020, any time the unemployment rate went up, Americans would grow more pessimistic about the economy. When the rate fell, and more people got jobs, we'd get more positive.
He compiled data from surveys of Americans' perceptions of the economy, dating back to the 1970s, and then examined how those polls connected with indicators like unemployment and inflation.were in sync with those indicators — even predictive of later revisions to government numbers. "Consumer perceptions have been quite sensible over the years," Grant tells Axios.Grant updated his research this year — bringing his massive spreadsheet up to date — to see if anything had changed.
When the jobless rate was very high in 2020, families felt a bit more positive about the economy than would previously have been typical. At the time, they were getting unprecedented levels of money in enhanced unemployment and stimulus checks.
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