Middle-Class Vibe Shifts From Secure to Squeezed

“For the American middle class, it has been a summer of cooling confidence,” the Wall Street Journal reports.

“Consumer sentiment dropped nearly 6% in August, after trending up in June and July, according to a closely watched index from the University of Michigan. Pessimism about the job market increased, with more people surveyed saying they expect their income to decline, according to polling done by think tank the Conference Board.”

“The middle class—generally considered to include households making roughly $53,000 to $161,000 a year—is playing an outsize role in that waning optimism. After months of tracking high-income earners’ increasing confidence about the economy, households making between $50,000 and $100,000 made an abrupt about-face in June. They now more closely resemble low-income earners’ gloomier views, according to surveys done by Morning Consult, a data-intelligence firm.”