Svmuu News: A recent poll released by CNBC shows that pessimism among Americans regarding the economic outlook continues to grow,with 61% of respondents expressing pessimism about current economic conditions and future trends—the highest level since December 2023—while only about a quarter of respondents were optimistic.The survey shows that most respondents attribute economic pressures to President Donald Trump’s economic policies. Regarding Donald Trump’s handling of economic issues, 60% of respondents expressed dissatisfaction, while only 38% approved—one of the lowest ratings of his political career.
Micah Roberts, a partner at Public Opinion Strategies, noted that overall voter sentiment is currently low, with 41% expecting conditions to worsen in the future compared to 29% who expect them to improve; market confidence is entering a trough ahead of the midterm election cycle.
Meanwhile, the rising cost of living is forcing U.S. consumers to cut back on spending. The survey found that 47% of respondents said they are reducing purchases of essentials such as food and healthcare, up 6 percentage points from April; about two-thirds of consumers are cutting back on non-essential spending, such as dining out.
Another study conducted jointly by Bain & Company and NielsenIQ shows that U.S. grocery purchases in June fell 1.8% year-over-year, a marked slowdown from the 0.1% growth recorded during the same period last year.
Kurt Grichel, head of Bain’s U.S. retail practice, noted that a typical grocery shopping trip that cost about $300 in 2019 now costs around $400, and the “impact” of rising prices is affecting a broader range of consumers, including high-income earners.
The analysis points out that high food prices, high fuel costs, and the Donald Trump administration’s cuts to certain social welfare programs are collectively increasing pressure on consumers. The survey shows that four out of five U.S. consumers are trying to reduce their spending, with more than a quarter actively cutting back on food purchases—of whom more than half are choosing cheaper brands, and 49% are buying fewer items. (ibtimes)