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A recent survey by the New York Federal Reserve has made it difficult for Americans to raise funds in emergencies.
A bank’s survey of consumer expectations in February found that if an unexpected need reaches 62.7%, there is an average chance that Americans can pay $2,000 within a month. This is the lowest level since the survey began tracking data points in October 2015.
“It’s getting worse given that today’s CPI levels are 35% higher than in 2015,” said Torsten Sløk, chief economist at Apollo.
Retailers have also seen the impact, with many warning first quarter sales being softer than expected.
“I think it’s a bit of an uncertain world right now,” says Ed Stack, Chairman Dick’s sports equipmenttold CNBC when asked about the company’s guidance. “What happens from a tariff standpoint? What happens to consumers if the tariffs are in place and prices rise as they do?”
Walmart CEO Doug McMillon recently told an audience at Chicago’s economic club that he saw customers under budget pressure show stressful behavior.
“You know you’re going to run out of money before the moon runs out. You know people are buying small pack sizes at the end of the month,” he said.
– CNBC’s Jeff Cox and Gabriel Vonrouge contributed the report.
