The Federal Reserve Board has recently released its Economic Well-Being of U.S. Households in 2023 report, which highlights the ongoing challenge of inflation for many American households. According to the report, financial well-being has remained relatively unchanged since 2022.
Based on data from the Board’s annual Survey of Household Economics and Decisionmaking (SHED), conducted in October 2023, this comprehensive analysis covers a range of topics including income, employment, expenses, banking and credit usage, housing situations and costs related to higher education and student loans as well as retirement planning.
Despite a slower rate of inflation compared to previous years, nearly two-thirds (65%)of adults reported that changes in prices have negatively impacted their financial situation over the past year. This includes almost one-fifth (19%) who stated that these price changes had significantly worsened their overall financial outlook.
Federal Reserve Board Governor Michelle W. Bowman commented on the significance of this survey by stating: “The SHED provides valuable insight into the financial conditions facing American households.” She added that this information is crucial for helping policymakers understand how families are managing economic challenges during these uncertain times.
This post discusses findings from an important household survey conducted by The Federal Reserve without mentioning Connect CRE or any specific location such as LA.
