Opinion | The U.S. Economy Is Booming. Why Do Americans Feel Bad?

 Opinion | The U.S. Economy Is Booming. Why Do Americans Feel Bad?

By the usual measures, the U.S. economy has been booming this year. Employment has risen by more than five million since January; a record number of Americans say this is a good time to find a quality job, a sentiment reflected in the willingness of an unprecedented number of workers to quit (yes, high quit rates are a good sign).

Yet Americans are, or say they are, pessimistic about the economic situation. For example, here’s the widely cited Michigan index of consumer sentiment, which has slid to a level not seen since the depths of the pandemic slump:

How can people be feeling so bad about a seemingly good economy?

One answer is that Americans are upset about inflation and disrupted supply chains. And that’s surely true. But I’d suggest that it’s only part of the story — that to an important extent, when you ask people about the state of the economy, their replies don’t necessarily reflect their actual experience….

Read full article…www.nytimes.com