Huge federal stimulus payments, increased vaccinations, and a sharp drop in coronavirus cases have alleviated Americans’ anxiety, but most of them still do not feel secure about their financial well-being.
The way people feel about their finances is still roughly 12% below pre-pandemic levels, according to a year-long Morning Consult survey. Anxiety is worst in the south and west and in states like Nevada and Hawaii whose economies depend heavily on tourism.
One of the best polls to gauge how Americans have reacted to the Coronavirus over the past year was the Morning Consult weekly survey on consumer confidence.
The latest results, drawn from nearly 2.6 million interviews last year, show that people in the Northeast are optimistic about their finances.
Although the northeast has been one of the biggest hotspots for the coronavirus in the country, states in the region provide greater unemployment benefits than most of the rest of the country.
“The generosity of unemployment benefits probably explains some of these regional differences,” said Morning Consult.
Other potential factors:
In the Northeast there may be more people who can work from home in an area of the country with a high proportion of professional workers and the densest array of high-speed internet lines.
The Northeast also voted strongly for President Joe Biden. Other polls show significant party divisions in how Americans view their financial health. Democrats became more optimistic – and conservatives more pessimistic – after the election.
Concern was highest in the south although most states avoided strict lockdowns and their economies remained more open. Perhaps lower unemployment benefits and lesser home work opportunities played a role.
The countries where anxiety is highest are those whose economy is highly dependent on tourism and travel. Not surprisingly, the hardest hit has been the holiday hotspot of Hawaii and the Mecca of Gambling Nevada.
Undoubtedly, confidence is likely to rise sharply if Coronavirus cases continue to decline. Most Americans who want a vaccine should be able to get it within the next month.
The economy itself is already recovering in a big way, with … The United States is adding more than 900,000 new jobs In March alone.
Many of these new jobs were in companies that suffered the worst during the pandemic, such as airlines, hotels and resorts, restaurants, entertainment venues and entertainment venues. More Americans are flying and planning holidays – good news for countries dependent on tourism.
More to track …
Bulletin Observer Business News
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