Sixty percent of Americans believe poor economic conditions are having a downward effect on economic mobility, according to a recent survey by Federal Reserve Community Development, an organization seeking to promote economic resilience and mobility.
The majority, nearly 70 percent, expect conditions to worsen over the next year.
The survey, conducted of 440 representatives organizations serving low- to moderate-income communities, was conducted in April and May.
“While the survey did not specifically ask about uncertainty, it was a broad theme raised by respondents in open ended questions that was affecting communities, businesses and entities negatively,” Nishesh Chalise, report coauthor and Federal Reserve Bank of St. Louis senior manager of community development, said.
Other findings include:
Housing conditions were rated among the worst. Few respondents expect improvement over the next year.
Low- to moderate-income populations were seen as having poor financial stability. Most respondents do not expect improvement because income is not keeping up with the cost of living and debt.
Slightly more than 50 percent of participants expect unemployment to worsen over the next year.
Nearly 66 percent of participants expect conditions for small businesses to worsen in the coming year.
More than 50 percent of participants said human services and emergency assistance are poor.