Concerns about inflation and interest rates are now at a two-year high, according to a recent report by credit reporting agency TransUnion.
Although Americans have seen their buying power rise amid cooling inflationary data and a strong job market, 84% of all adults still rank inflation among their top concerns, followed by housing prices and interest rates, TransUnion's consumer pulse study found.
"There continues to be positive progress against bringing down inflation," said Charlie Wise, senior vice president and head of global research and consulting at TransUnion.
Relief for those hardest hitMeanwhile, the Federal Reserve's string of 11 rate hikes since 2022, coupled with higher inflation, have hit working-class Americans particularly hard.
Many of these households have exhausted their savings and are now increasingly leaning on credit cards to make ends meet.
Persons:
Charlie Wise, Joyce Chang, JPMorgan's, that's, Chang
Organizations:
TransUnion, CNBC