Quantcast

The Economic Outlook: January Consumer Reports Index - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

The Economic Outlook: January Consumer Reports Index

Posted: Updated:

The economy doesn't have much spark these days. Middle-income Americans were reluctant to spend over the holidays, according to the Consumer Reports Index that's just out. And the Index finds the New Year brought growing financial troubles for all but the wealthiest. Consumer Reports' Mandy Walker has the details.

Each month Consumer Reports asks a cross section of Americans about specific financial problems they've faced in the past thirty days - problems like losing a job … having a problem with health care coverage … or missing a payment on a major bill.

Low-income Americans saw an increase in financial troubles in the past month. However, things got much better for higher-income households - those earning $100,000 or more.

You can clearly see the differences when you look at specific problems.

For example - not being able to cover health care costs - either medication or medical bills. Among lower-income households, more than 20% reported a problem in the past month, but for those in higher-income households, it was 3%. As for losing jobs - in lower-income households 10% were laid off versus under one percent in higher-income households.

Overall the job situation isn't a pretty picture.

The Employment Index saw declines for the second month in a row, dropping even farther below 50, which means more people are losing jobs than gaining them.

And those who do have jobs are going to see a smaller pay check in January because the payroll tax is back up.

Consumer Reports also asks people how they feel about their financial situation. The most optimistic group is those 18 to 34 years of age. The least optimistic - people who are more than 65 years old.

  • Local NewsMore>>

  • Former NDSU Football Player Making Strides in Recovery

    Former NDSU Football Player Making Strides in Recovery

    The former NDSU football player who was knocked unconscious outside of a Mankato bar in May is taking some major steps in his road to recovery.
    The former NDSU football player who was knocked unconscious outside of a Mankato bar in May is taking some major steps in his road to recovery.
  • 9-Year-Old ND Angler in line to Break World Record

    9-Year-Old ND Angler in line to Break World Record

    Youth angler Brayden Selzler’s catch on July 25 shattered a North Dakota state record for goldeye that’s been in the books for 16 years. Now he could now be in the running to break a world record.
    Youth angler Brayden Selzler’s catch on July 25 shattered a North Dakota state record for goldeye that’s been in the books for 16 years. Now he could now be in the running to break a world record.

  • Kids Summer Camps

    Kids Summer Camps

    Before the start of the school year some parents may be looking for summer programs for their kids. Through out the valley there are still plenty of ways to get your kids involved in classes and camps.
    Before the start of the school year some parents may be looking for summer programs for their kids. Through out the valley there are still plenty of ways to get your kids involved in classes and camps.
Powered by WorldNow
Powered by 

WorldNowAll content © Copyright 2000 - 2014 WorldNow and Valley News Live. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.