The economy is resilient: Why do many Americans feel differently? An expert explains

Even as the Federal Reserve raises interest rates for the first time in three years, the overall health of the economy appears robust, with metrics such as job reports, the unemployment rate, and the stock market looking strong. However, this perception contrasts with the reality for many Americans. Only about 24% of Americans rated the economy as good or excellent in a recent Pew Research Center survey.

This discrepancy, according to Lonnie Golden, an expert on the well-being of work and workers, stems from a disconnect between economic messaging and the day-to-day experiences of many Americans. To truly understand the economic landscape, it's crucial to delve deeper into the specifics of the common economic metrics. The economy has demonstrated resilience, with the latest jobs report showing strong growth and labor productivity rates on the rise.

However, earnings have been lagging inflation, and essential costs like rent, groceries, and energy expenses have been increasing faster than average prices. This disparity between expectations and reality has led to frustration among those who rely on labor market earnings, as politicians often present a stronger economy than what many people are experiencing.