![]() Despite a historic level of employment and general wage growth across the country, a majority of Americans say that their earning powers are being eroded by persistent inflation, says a new survey. According to a poll just released by the survey company Rasmussen Reports some 55% of respondents to a questionnaire expressed frustration that in the last two years their wages have not kept up with the rate of inflation. To compensate, a majority of respondents said they have been working extra hours in response to the increase in the price of goods and services. A smaller 40% said that they felt that their current income has kept pace. An earlier survey conducted by Rasmussen indicated that an overwhelming 85% of respondents regarded inflation as a serious problem, and one that will undoubtedly be seen as a major issue in the coming 2024 president election. The current inflation rates stand at around 3.7%, which is lower than the historic covid economy rate of 7% in 2021, but higher than the 1.9% average seen between 2016 and early 2020. The latest Rasmussen survey comes as the Federal Reserve has announced its intention to leave current interest rates intact. In a press conference in Washington, Jerome Powell, Federal Reserve chairman, remarked: "Inflation has been coming down, but it's still running above our 2% target." Powell added that because the economy is generally moving in a positive direction, the Federal Reserve was unlikely to promote a new rate policy any time soon. "Given how far we have come, along with the risks and uncertainties we face, the committee is proceeding carefully." Powell went on to note that with the exception of inflation, general trends have been favorable. "Recent indicators have indicated that economic activity has been expanding at a strong pace," he said. By Garry Boulard
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