More Americans Are Feeling Financially Worse Off, New Survey Shows

More Americans are feeling the squeeze on their wallets. A new survey from the Federal Reserve Bank of New York found that a growing share of people say they feel "somewhat" or "much" worse off financially than they did a year ago, and that share is now the largest it has been since January 2023.

On the other side of the question, the number of people who say they feel better off is sitting at a multi-year low, painting a broader picture of declining financial confidence across the country.

The jobs market itself remains relatively strong, according to the May jobs report, though the ongoing Iran war is pushing up costs for some everyday goods, adding pressure to household budgets even for people who are still employed.