Almost 40% of Americans Would Struggle to Cover a $400 Emergency

The Fed’s 2018 report on the economic well-being of households, published Thursday, indicated “most measures” of well-being and financial resilience “were similar to, or slightly better than, those in 2017.” The slight improvement coincided with a decline in the average unemployment rate to 3.9% last year, from 4.3% in 2017. The statistic, which was a bit better than in the 2017 report, has become a favorite rejoinder to U.S. President Donald Trump’s boasts about a strong economy among Democratic politicians, including 2020 presidential candidate Kamala Harris, the U.S. senator from California. “Relatively small, unexpected expenses, such as a car repair or replacing a broken appliance, can be a hardship for many families without adequate savings,” the report said.

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