Sunday, December 3, 2023

Inflation in US skyrocketing, 64 percent of Americans are living paycheck to paycheck.

Several factors have resulted in rising inflation in the US and around the world. It is especially ugly in the US and data shows that around 64% of Americans are just surviving. They are not able to save as their paychecks are just enough to pay their monthly bills. After the Dow and Nasdaq, another index, the S&P 500 looks like it will also reach the death cross phenomenon soon. This means that the American economy can expect a downtrend for the long term.

Until the start of the Russian war on Ukraine, the overall global economy looked positive. This has now disappeared and almost every country is worried about the overall financial system. On March 8th, President Biden said that he was banning all oil imports from Russia. He made this announcement at a time when crude prices have been inching higher and were at $130 for a barrel.

Inflation has wrecked the budgets of ordinary citizens in the US and high gas prices are not the only thing that is worrying. Data gathered by the country’s financial organizations show that many citizens are just getting by. Wages have gone up just a bit by 5.1% and this is not enough to keep pace with inflation, which is currently at 7%. The US CPI index is at a 40-year-high.

Anuj Nayar of the Lending Club says that their research shows that the prices of all items are shooting up. This, along with rising prices of gasoline is hitting citizens in the wallet. People have to go to work and have to also eat. These expenses are a given and cannot be negotiated. In the meantime, the stock market is seeing unprecedented volatility especially in the equity market.

According to tracked data, a death cross is not too far away. When this happens, the S&P’s moving average for 50 days drops below the moving average for 200 days. There are just 42 points between the two and this is not a good signal for the American economy. Americans are not happy with the rising prices and inflation.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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