The Dow Jones Industrial Average is at an all-time high, the jobless rate has fallen to a four-year low and the housing market is seeing a recovery. But for many lower income and middle class Americans, the improving economy has yet to take hold.
Instead, they are anxious enough about higher gasoline prices and a payroll tax increase to slash their spending.
An online poll of 1,538 people conducted March 4-8 by Reuters/Ipsos found that two-thirds of adults say they are cutting their monthly spending and almost all of the rest say their spending is little changed.
The biggest reason given by those who said they are cutting spending—72 percent of those polled—was increasing savings and paying off debts. The second biggest was higher gas prices, cited by 63 percent.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.