High inflation and higher interest rates continue to weigh on American households.
As of September, 62% of adults said they are living paycheck to paycheck, according to a new LendingClub report. The figure is unchanged from last year.
“Living paycheck to paycheck remains the main financial lifestyle among U.S. consumers,” the report said.
‘Inflation is still too high’
The Federal Reserve is expected to announce it will leave rates unchanged at the end of its two-day meeting this week, even though Fed Chair Jerome Powell recently said “inflation is still too high.”
Recent data is painting a mixed picture of where the economy stands. Inflation has shown some signs of cooling, but the core personal consumption expenditures price index, which the Fed uses as a key measure, increased 0.3% in September.