In what has been dubbed the Great Resignation, Americans have been quitting their jobs in record numbers in recent months – a trend that shows no signs of slowing. According to the Bureau of Labor Statistics, over 4.5 million Americans quit their job in March 2022, the most ever recorded in a single month, and up from 4.4 million quits in February.
We all require a certain amount of money each month to pay for normal living expenses, and in recent months, that amount has gotten much higher. Whether at the pump or the grocery store, Americans are being hit with a severe case of sticker shock.
The United States is in a period of historic inflation. The consumer price index rose by 8.5% over the 12 months ending in March 2022, the fastest increase in over four decades. Though it is not keeping pace with inflation, income is also on the rise in the United States.In Rhode Island, per capita income stands at $64,156, slightly lower than the national figure and the 18th highest among states.
The American housing market took off during the early months of the COVID-19 pandemic. The homeownership rate – or the share of housing units occupied by their owner – jumped by 2.6 percentage points from the first quarter to the second quarter of 2020, by far the largest increase ever recorded. By the end of 2020, there were 2.1 million more homeowners in the United States than there were a year earlier. In Rhode Island, the homeownership rate stands at 61.6%, lower than the national average.
Inflation is surging in the United States – in large part because of rising food prices. In cities across the country, food today is 8% more expensive on average than it was a year ago, and American families are feeling the pinch. According to the Economic Policy Institute, a nonprofit think tank, a family of four – two adults and two children – can expect to pay an estimated $9,835 on food in 2022.