What the polls get very, very wrong about the economy
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The quality of soft data in surveys and polls about the US economy is deteriorating, leading to a distorted view of the economy. Hard data shows a strong recovery, with GDP growth, consumer spending, and the job market performing well. However, soft data, such as surveys and polls, indicate massive economic pessimism among households. The divergence between hard and soft data can be attributed to the underweighting of the experiences of certain groups, particularly lower-income and frontline workers. The decline in survey response rates and the skewing of respondents towards higher-income individuals contribute to the distorted view. This skewed perception of the economy can lead policymakers to make incorrect decisions and potentially exacerbate income inequality. To avoid this, there is a need to change how the US economy is measured and discussed.

#UsEconomy #Surveys #Polls #HardData #SoftData #EconomicPessimism #Recovery #IncomeInequality

https://www.businessinsider.com/polls-get-american-economy-wrong-make-next-recession-worse-jobs-2024-3