Consumers are feeling the impact of high inflation. Prices in October were 7.7% higher than the year before, and though prices have dropped somewhat in recent months, inflation remains well above the Federal Reserve’s desired level of 2%. Worryingly, 77% of fund managers believe a recession is likely next year, according to a Bank of America survey.
Facing such a troubled economy, consumers are changing their behavior — and growing alarmed. According to a recent PYMNTS survey, 65% of consumers are very or extremely concerned about current and near-future economic conditions. Another survey found that a similar share of consumers are taking action to manage their expenses, with 44% reducing their savings. With economic conditions remaining difficult, consumers could use some help.
This edition of the “Credit Union Tracker®” explores how economic conditions impact consumers and the role of credit unions in this time…
