Consumer Reports conducted its Consumer Reports Index report which showed more Americans had lost a job in the past 30 days than had gained a job. It is the second straight month the index has dropped and it is the lowest it has been in the past nine months.
The percentage of people who started a job in comparison to those who had lost a job fell from 50.5% to 49.7%. The employment rate actually increased by 0.1% after only posting 69,000 new jobs for May.
The CRI also indicated that consumers are facing more financial difficulties especially for families making less than $50,000 per year. The report showed that these low income families are three times more likely to face financial woes than households earning at least $100,000.
The CRI also showed consumer sentiment declining by nearly three points to 47.5%.
“These trends suggest that consumers may continue to pull back their spending habits due to the uncertainty they have about the direction of the economy,” Ed Farrell, director of Consumer Insight at the Consumer Reports National Research Center, said in the report.
The CRI surveyed 1,023 U.S. adults by phone between May 31 and June 3.
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