Survey: Consumers rattled by mounting costs
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Consumers are increasingly worried about economic survival, according to new survey data and in North Dakota, a local human services leader senses added pressure for struggling households.
The University of Michigan’s latest index showed consumer sentiment fell in September to the second-lowest reading in the survey’s history. The authors said rising prices for everyday items still weigh on the minds of shoppers.
Rhonda Allery, director of human services for four North Dakota counties in the Mountain Lakes zone, headquartered in Devils Lake, said locally, SNAP enrollment is higher and clients are feeling the pain of expired pandemic-era support for health coverage.
“They are struggling with affording healthcare coverage themselves but not quite qualifying for Medicaid. So this has made people angry. Certainly we’ve had that,” Allery said.
When you consider all the forces acting at once, she said she would not be surprised to see demand for services continue to go up. The survey showed people are willing to spend on durable goods but it is due in part because of fear prices will worsen over time. For business conditions, there are renewed worries elevated fuel costs and re-escalating trade disputes could pass through the economy.
Allery added on a personal level, the sticker shock is real.
“I’ve just bought groceries and I am one person in my household and I’m like, ‘Wow, I just spent $80 and I don’t have a lot of food here,'” Allery said.
The authors said there is broad agreement across the political spectrum the outlook for the economy has weakened since the start of the year. For those interviewed, Republican sentiment is now 20% lower than in January and among Democrats, it is down 13% over the same period.