The Business Times
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THE BOTTOM LINE

Why economic surveys have lost their relevance

Distorted by partisan passion and rising inequality, they reflect popular frustrations, not overall growth

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    • The share of consumers who say they are worse off due to inflation has surged since the pandemic from 10% to 40%.
    • The share of consumers who say they are worse off due to inflation has surged since the pandemic from 10% to 40%. PHOTO: REUTERS

    Ruchir Sharma

    Published Tue, Jul 28, 2026 · 04:31 PM

    THE gross domestic product report on Thursday (Jul 30) is likely to show that economic growth in the US once again topped 2 per cent.

    However, you would not have seen this coming in measures of the popular mood. Consumers keep spending, even as the gap between what they spend and the pessimism they express in surveys has never been higher.

    Currently, the two main consumer surveys from global think tank The Conference Board and the University of Michigan reflect lows typical of a recession, not a steady expansion.

    The Bottom LineInequalityEconomic growthEconomic indicators

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