The Misery Index is out for 2023.
KNX News' Emily Valdez reports that people are less miserable in 2023 compared to recent years. The formula is quite simple: you add the unemployment rate with the inflation rate.The lower that number is, the happier people are supposed to be.
“The reason this year is so much better than last year is because last year inflation was running 7%,” Christopher Thornberg, with Beacon Economics, said. “This year is running 3%.”
The misery index is at 6.8%, which is the lowest since the pandemic started.
“Incomes are going up and yes, they're going up faster than prices,” he said. “Labor markets are incredibly tight. There's still 1.5 job openings for every single person looking for a job. Asset markets are nice and solid.”
A recent happiness index recently revealed that California is ranked the 13th state with the most satisfied workers. The first was Alaska.
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