{
  "as_of": "2026-07-26",
  "metrics": [
    {
      "boundary": "Self-assessment is not a balance-sheet or liquidity measure.",
      "category": "households",
      "display": "73%",
      "freshness": "latest annual survey",
      "id": "wellbeing-okay",
      "interpretation": "A clear majority assesses its own finances positively.",
      "label": "Doing okay or living comfortably",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-accessible-version.htm",
      "value": 73
    },
    {
      "boundary": "Does not identify the cause of deterioration.",
      "category": "households",
      "display": "28%",
      "freshness": "latest annual survey",
      "id": "worse-off",
      "interpretation": "More adults reported deterioration than improvement.",
      "label": "Financially worse off than 12 months earlier",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-accessible-version.htm",
      "value": 28
    },
    {
      "boundary": "Not directly comparable to income growth.",
      "category": "households",
      "display": "23%",
      "freshness": "latest annual survey",
      "id": "better-off",
      "interpretation": "Nearly one quarter reported improvement.",
      "label": "Financially better off than 12 months earlier",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-accessible-version.htm",
      "value": 23
    },
    {
      "boundary": "Cash equivalent includes a credit card paid in full at the next statement.",
      "category": "liquidity",
      "display": "63%",
      "freshness": "latest annual survey",
      "id": "cash-400",
      "interpretation": "Most adults could meet a small shock without financing it over time.",
      "label": "Could cover a $400 emergency with cash or equivalent",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-savings-investments.htm",
      "value": 63
    },
    {
      "boundary": "This is narrower than the 37% who could not use cash or equivalent.",
      "category": "liquidity",
      "display": "12%",
      "freshness": "latest annual survey",
      "id": "cannot-pay-400",
      "interpretation": "A material minority has no workable response to a small emergency.",
      "label": "Could not pay a $400 emergency by any means",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-savings-investments.htm",
      "value": 12
    },
    {
      "boundary": "Self-reported and does not measure portfolio liquidity.",
      "category": "liquidity",
      "display": "55%",
      "freshness": "latest annual survey",
      "id": "rainy-day",
      "interpretation": "Just over half reported a substantial emergency buffer.",
      "label": "Three-month rainy-day fund",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-savings-investments.htm",
      "value": 55
    },
    {
      "boundary": "For credit cards, underpayment means less than the minimum.",
      "category": "liquidity",
      "display": "16%",
      "freshness": "latest annual survey",
      "id": "missed-bills",
      "interpretation": "Roughly one in six missed or underpaid at least one bill.",
      "label": "Did not pay all bills in full last month",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-economic-hardships.htm",
      "value": 16
    },
    {
      "boundary": "Combines missed bills with subjective difficulty paying.",
      "category": "liquidity",
      "display": "28%",
      "freshness": "latest annual survey",
      "id": "bill-struggle",
      "interpretation": "Difficulty is broader than outright nonpayment.",
      "label": "Struggled paying bills last month",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-economic-hardships.htm",
      "value": 28
    },
    {
      "boundary": "Does not reveal the size of the surplus.",
      "category": "liquidity",
      "display": "41%",
      "freshness": "latest annual survey",
      "id": "money-left",
      "interpretation": "Less than half consistently had monthly budget margin.",
      "label": "Always or often had money left at month-end",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-income-and-expenses.htm",
      "value": 41
    },
    {
      "boundary": "Perception measure; not a household-specific price index.",
      "category": "prices",
      "display": "58%",
      "freshness": "latest annual survey",
      "id": "prices-worse",
      "interpretation": "Inflation remained the dominant household concern.",
      "label": "Price changes worsened finances",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-income-and-expenses.htm",
      "value": 58
    },
    {
      "boundary": "Any skipped treatment; severity and clinical consequence vary.",
      "category": "hardship",
      "display": "26%",
      "freshness": "latest annual survey",
      "id": "skipped-care",
      "interpretation": "Cost barriers affected more than one quarter of adults.",
      "label": "Skipped medical care because of cost",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-economic-hardships.htm",
      "value": 26
    },
    {
      "boundary": "Debt may stem from the respondent or a family member and need not be new in 2025.",
      "category": "hardship",
      "display": "18%",
      "freshness": "latest annual survey",
      "id": "medical-debt",
      "interpretation": "Medical liabilities remain common.",
      "label": "Had medical debt",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-economic-hardships.htm",
      "value": 18
    },
    {
      "boundary": "A one-month adult survey measure, not USDA's annual household food-security measure.",
      "category": "hardship",
      "display": "8%",
      "freshness": "latest annual survey",
      "id": "food-insufficiency",
      "interpretation": "Severe current food hardship affected about one in twelve adults.",
      "label": "Food insufficiency in prior month",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-economic-hardships.htm",
      "value": 8
    },
    {
      "boundary": "Any episode during the year; not necessarily currently behind.",
      "category": "housing",
      "display": "23%",
      "freshness": "latest annual survey",
      "id": "rent-arrears",
      "interpretation": "Rent payment stress reached nearly one quarter of renters.",
      "label": "Renters behind on rent during prior year",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of renters",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-accessible-version.htm",
      "value": 23
    },
    {
      "boundary": "At least once in 12 months; not necessarily a persistent balance.",
      "category": "debt",
      "display": "45%",
      "freshness": "latest annual survey",
      "id": "card-balance",
      "interpretation": "Nearly half of cardholders financed purchases at least once.",
      "label": "Carried a credit-card balance",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of cardholders",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-credit.htm",
      "value": 45
    },
    {
      "boundary": "Product use alone does not imply distress.",
      "category": "debt",
      "display": "16%",
      "freshness": "latest annual survey",
      "id": "bnpl-use",
      "interpretation": "BNPL use continued to broaden.",
      "label": "Used Buy Now, Pay Later",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-credit.htm",
      "value": 16
    },
    {
      "boundary": "Conditional on BNPL use, not all adults.",
      "category": "debt",
      "display": "26%",
      "freshness": "latest annual survey",
      "id": "bnpl-late",
      "interpretation": "More than one quarter of users experienced delinquency.",
      "label": "BNPL users who paid late",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of BNPL users",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-credit.htm",
      "value": 26
    },
    {
      "boundary": "Receipt of help does not imply insolvency.",
      "category": "distribution",
      "display": "47%",
      "freshness": "latest annual survey",
      "id": "young-help",
      "interpretation": "Family or social support is integral to many young-adult budgets.",
      "label": "Ages 18–29 receiving outside help with expenses",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults age 18–29",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-income-and-expenses.htm",
      "value": 47
    },
    {
      "boundary": "Age is individual age; bills may reflect family circumstances.",
      "category": "distribution",
      "display": "24%",
      "freshness": "latest annual survey",
      "id": "young-missed-bills",
      "interpretation": "Young adults faced above-average payment stress.",
      "label": "Ages 18–29 not paying all bills in full",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults age 18–29",
      "url": "https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-economic-hardships.htm",
      "value": 24
    },
    {
      "boundary": "People not actively seeking work are outside the denominator.",
      "category": "work",
      "display": "4.2%",
      "freshness": "current monthly",
      "id": "unemployment",
      "interpretation": "Unemployment remained low and stable.",
      "label": "Unemployment rate",
      "period": "June 2026",
      "released": "2026-07-02",
      "source": "Bureau of Labor Statistics",
      "unit": "percent of civilian labor force",
      "url": "https://www.bls.gov/news.release/empsit.nr0.htm",
      "value": 4.2
    },
    {
      "boundary": "Survey estimate subject to revision; April and May were revised down by 74,000 combined.",
      "category": "work",
      "display": "+57,000",
      "freshness": "current monthly; preliminary",
      "id": "payrolls",
      "interpretation": "Hiring continued but at a subdued pace.",
      "label": "Monthly nonfarm payroll change",
      "period": "June 2026",
      "released": "2026-07-02",
      "source": "Bureau of Labor Statistics",
      "unit": "jobs",
      "url": "https://www.bls.gov/news.release/empsit.nr0.htm",
      "value": 57000
    },
    {
      "boundary": "Population aging influences the aggregate rate.",
      "category": "work",
      "display": "61.5%",
      "freshness": "current monthly",
      "id": "participation",
      "interpretation": "Participation fell 0.3 percentage point in June.",
      "label": "Labor-force participation rate",
      "period": "June 2026",
      "released": "2026-07-02",
      "source": "Bureau of Labor Statistics",
      "unit": "percent of civilian noninstitutional population age 16+",
      "url": "https://www.bls.gov/news.release/empsit.nr0.htm",
      "value": 61.5
    },
    {
      "boundary": "Only people unemployed 27 weeks or more and still in the labor force.",
      "category": "work",
      "display": "1.9M",
      "freshness": "current monthly",
      "id": "long-term-unemployed",
      "interpretation": "Long-duration unemployment rose by 286,000 over the year.",
      "label": "Long-term unemployed",
      "period": "June 2026",
      "released": "2026-07-02",
      "source": "Bureau of Labor Statistics",
      "unit": "million people",
      "url": "https://www.bls.gov/news.release/empsit.nr0.htm",
      "value": 1.9
    },
    {
      "boundary": "An average, not the typical worker's wage; excludes self-employment.",
      "category": "work",
      "display": "$37.64",
      "freshness": "current monthly",
      "id": "hourly-pay",
      "interpretation": "Nominal hourly pay rose 3.5% over the year.",
      "label": "Average private hourly earnings",
      "period": "June 2026",
      "released": "2026-07-02",
      "source": "Bureau of Labor Statistics",
      "unit": "dollars per hour",
      "url": "https://www.bls.gov/news.release/empsit.nr0.htm",
      "value": 37.64
    },
    {
      "boundary": "Average for all private nonfarm payroll employees; production workers saw −0.1%.",
      "category": "work",
      "display": "+0.1%",
      "freshness": "current monthly",
      "id": "real-hourly",
      "interpretation": "Average purchasing power was essentially flat over the year.",
      "label": "Real average hourly earnings growth",
      "period": "June 2025–June 2026",
      "released": "2026-07-14",
      "source": "Bureau of Labor Statistics",
      "unit": "12-month percent change",
      "url": "https://www.bls.gov/news.release/realer.nr0.htm",
      "value": 0.1
    },
    {
      "boundary": "National urban-consumer index; individual baskets differ.",
      "category": "prices",
      "display": "3.5%",
      "freshness": "current monthly",
      "id": "cpi",
      "interpretation": "Inflation remained above the recent pre-pandemic norm despite a June monthly decline.",
      "label": "Consumer Price Index inflation",
      "period": "June 2025–June 2026",
      "released": "2026-07-14",
      "source": "Bureau of Labor Statistics",
      "unit": "12-month percent change",
      "url": "https://www.bls.gov/news.release/cpi.nr0.htm",
      "value": 3.5
    },
    {
      "boundary": "Excludes food and energy; not a cost-of-living measure for every household.",
      "category": "prices",
      "display": "2.6%",
      "freshness": "current monthly",
      "id": "core-cpi",
      "interpretation": "Underlying inflation was lower than headline inflation.",
      "label": "Core CPI inflation",
      "period": "June 2025–June 2026",
      "released": "2026-07-14",
      "source": "Bureau of Labor Statistics",
      "unit": "12-month percent change",
      "url": "https://www.bls.gov/news.release/cpi.nr0.htm",
      "value": 2.6
    },
    {
      "boundary": "Energy prices are volatile; June itself fell 5.7% month to month.",
      "category": "prices",
      "display": "15.7%",
      "freshness": "current monthly",
      "id": "energy-cpi",
      "interpretation": "Energy was the dominant source of headline inflation pressure.",
      "label": "Energy-price inflation",
      "period": "June 2025–June 2026",
      "released": "2026-07-14",
      "source": "Bureau of Labor Statistics",
      "unit": "12-month percent change",
      "url": "https://www.bls.gov/news.release/cpi.nr0.htm",
      "value": 15.7
    },
    {
      "boundary": "May reference month; June PCE was scheduled after this report's cutoff.",
      "category": "prices",
      "display": "4.1%",
      "freshness": "latest available monthly",
      "id": "pce-inflation",
      "interpretation": "The Federal Reserve's preferred broad price index accelerated.",
      "label": "PCE inflation",
      "period": "May 2025–May 2026",
      "released": "2026-06-26",
      "source": "Bureau of Economic Analysis",
      "unit": "12-month percent change",
      "url": "https://www.bea.gov/news/2026/personal-income-and-outlays-may-2026",
      "value": 4.1
    },
    {
      "boundary": "Excludes food and energy and is subject to revision.",
      "category": "prices",
      "display": "3.4%",
      "freshness": "latest available monthly",
      "id": "core-pce",
      "interpretation": "Core inflation remained above the Fed's 2% objective.",
      "label": "Core PCE inflation",
      "period": "May 2025–May 2026",
      "released": "2026-06-26",
      "source": "Bureau of Economic Analysis",
      "unit": "12-month percent change",
      "url": "https://www.bea.gov/news/2026/personal-income-and-outlays-may-2026",
      "value": 3.4
    },
    {
      "boundary": "Macro aggregate; does not describe the median household.",
      "category": "households",
      "display": "3.0%",
      "freshness": "latest available monthly",
      "id": "saving-rate",
      "interpretation": "Aggregate saving was thin relative to disposable income.",
      "label": "Personal saving rate",
      "period": "May 2026",
      "released": "2026-06-26",
      "source": "Bureau of Economic Analysis",
      "unit": "percent of disposable personal income",
      "url": "https://www.bea.gov/news/2026/personal-income-and-outlays-may-2026",
      "value": 3.0
    },
    {
      "boundary": "One month and subject to revision.",
      "category": "macro",
      "display": "+0.3%",
      "freshness": "latest available monthly",
      "id": "real-pce",
      "interpretation": "Consumers continued to increase real spending.",
      "label": "Real consumer spending growth",
      "period": "May 2026",
      "released": "2026-06-26",
      "source": "Bureau of Economic Analysis",
      "unit": "monthly percent change",
      "url": "https://www.bea.gov/news/2026/personal-income-and-outlays-may-2026",
      "value": 0.3
    },
    {
      "boundary": "Annualized quarter-over-quarter rate, not year-over-year growth.",
      "category": "macro",
      "display": "2.1%",
      "freshness": "latest completed quarter; third estimate",
      "id": "gdp",
      "interpretation": "Output expanded at a moderate pace.",
      "label": "Real GDP growth",
      "period": "Q1 2026",
      "released": "2026-06-25",
      "source": "Bureau of Economic Analysis",
      "unit": "seasonally adjusted annual rate",
      "url": "https://www.bea.gov/news/2026/gdp-third-estimate-industries-corporate-profits-state-gdp-and-state-personal-income-1st",
      "value": 2.1
    },
    {
      "boundary": "Excludes government, inventories, exports and imports.",
      "category": "macro",
      "display": "1.7%",
      "freshness": "latest completed quarter; third estimate",
      "id": "private-final-sales",
      "interpretation": "Private domestic demand grew more slowly than headline GDP.",
      "label": "Real final sales to private domestic purchasers",
      "period": "Q1 2026",
      "released": "2026-06-25",
      "source": "Bureau of Economic Analysis",
      "unit": "seasonally adjusted annual rate",
      "url": "https://www.bea.gov/news/2026/gdp-third-estimate-industries-corporate-profits-state-gdp-and-state-personal-income-1st",
      "value": 1.7
    },
    {
      "boundary": "A policy rate, not the borrowing rate households receive.",
      "category": "macro",
      "display": "3.50–3.75%",
      "freshness": "current policy setting",
      "id": "fed-funds",
      "interpretation": "Monetary policy remained restrictive relative to the 2% inflation goal.",
      "label": "Federal-funds target range",
      "period": "June 18, 2026 onward",
      "released": "2026-06-17",
      "source": "Federal Reserve FOMC",
      "unit": "target midpoint percent",
      "url": "https://www.federalreserve.gov/monetarypolicy/files/monetary20260617a1.pdf",
      "value": 3.625
    },
    {
      "boundary": "Aggregate stock; does not alone indicate affordability or distress.",
      "category": "debt",
      "display": "$18.794T",
      "freshness": "current quarterly",
      "id": "household-debt",
      "interpretation": "Nominal debt reached a record but grew only 0.1% in the quarter.",
      "label": "Total household debt",
      "period": "Q1 2026",
      "released": "2026-05-12",
      "source": "Federal Reserve Bank of New York",
      "unit": "trillion dollars",
      "url": "https://www.newyorkfed.org/newsevents/news/research/2026/20260512",
      "value": 18.794
    },
    {
      "boundary": "Secured debt backed by housing assets; not directly comparable to unsecured debt.",
      "category": "debt",
      "display": "$13.191T",
      "freshness": "current quarterly",
      "id": "mortgage-debt",
      "interpretation": "Mortgages account for roughly 70% of household debt.",
      "label": "Mortgage debt",
      "period": "Q1 2026",
      "released": "2026-05-12",
      "source": "Federal Reserve Bank of New York",
      "unit": "trillion dollars",
      "url": "https://www.newyorkfed.org/newsevents/news/research/2026/20260512",
      "value": 13.191
    },
    {
      "boundary": "Credit-report balances include transactors who may pay in full.",
      "category": "debt",
      "display": "$1.252T",
      "freshness": "current quarterly",
      "id": "card-debt",
      "interpretation": "Balances fell seasonally by $25B in Q1 but remained $70B above a year earlier.",
      "label": "Credit-card debt",
      "period": "Q1 2026",
      "released": "2026-05-12",
      "source": "Federal Reserve Bank of New York",
      "unit": "trillion dollars",
      "url": "https://www.newyorkfed.org/newsevents/news/research/2026/20260512",
      "value": 1.252
    },
    {
      "boundary": "Balance-weighted, not the percentage of people with a delinquency.",
      "category": "debt",
      "display": "4.8%",
      "freshness": "current quarterly",
      "id": "debt-delinquent",
      "interpretation": "Most balances remained current, while delinquency was material.",
      "label": "Debt in some stage of delinquency",
      "period": "Q1 2026",
      "released": "2026-05-12",
      "source": "Federal Reserve Bank of New York",
      "unit": "percent of outstanding debt",
      "url": "https://www.newyorkfed.org/newsevents/news/research/2026/20260512",
      "value": 4.8
    },
    {
      "boundary": "Annualized transition rate, not the current share seriously delinquent.",
      "category": "debt",
      "display": "7.10%",
      "freshness": "current quarterly",
      "id": "card-serious-flow",
      "interpretation": "Card distress remained elevated relative to mortgage distress.",
      "label": "Flow into serious credit-card delinquency",
      "period": "Q1 2026",
      "released": "2026-05-12",
      "source": "Federal Reserve Bank of New York",
      "unit": "annualized percent of balances",
      "url": "https://www.newyorkfed.org/newsevents/news/research/2026/20260512",
      "value": 7.1
    },
    {
      "boundary": "Policy normalization creates a break in the recent time series.",
      "category": "debt",
      "display": "10.86%",
      "freshness": "current quarterly",
      "id": "student-serious-flow",
      "interpretation": "Student-loan delinquency transitions rose after pandemic-era reporting pauses ended.",
      "label": "Flow into serious student-loan delinquency",
      "period": "Q1 2026",
      "released": "2026-05-12",
      "source": "Federal Reserve Bank of New York",
      "unit": "annualized percent of balances",
      "url": "https://www.newyorkfed.org/newsevents/news/research/2026/20260512",
      "value": 10.86
    },
    {
      "boundary": "Average conforming purchase applications for qualified borrowers; individual quotes vary.",
      "category": "housing",
      "display": "6.58%",
      "freshness": "current weekly",
      "id": "mortgage-rate",
      "interpretation": "Financing costs remained high despite being below the year-earlier 6.74%.",
      "label": "30-year fixed mortgage rate",
      "period": "Week ending July 23, 2026",
      "released": "2026-07-23",
      "source": "Freddie Mac PMMS",
      "unit": "weekly average rate",
      "url": "https://www.freddiemac.com/pmms",
      "value": 6.58
    },
    {
      "boundary": "Repeat-sales index for homes financed through Fannie Mae and Freddie Mac.",
      "category": "housing",
      "display": "+2.0%",
      "freshness": "latest available monthly",
      "id": "house-price",
      "interpretation": "National home-price appreciation slowed but stayed positive.",
      "label": "FHFA house-price growth",
      "period": "April 2025–April 2026",
      "released": "2026-06-30",
      "source": "Federal Housing Finance Agency",
      "unit": "12-month percent change",
      "url": "https://www.fhfa.gov/news/news-release/fhfa-house-price-index-down-0.1-percent-in-april-up-2.0-percent-from-last-year",
      "value": 2.0
    },
    {
      "boundary": "Monthly estimate has wide confidence intervals and is routinely revised.",
      "category": "housing",
      "display": "1.427M",
      "freshness": "current monthly; preliminary",
      "id": "housing-starts",
      "interpretation": "Starts rebounded sharply from May.",
      "label": "Housing starts",
      "period": "June 2026",
      "released": "2026-07-17",
      "source": "Census Bureau and HUD",
      "unit": "seasonally adjusted annual rate",
      "url": "https://www.census.gov/construction/nrc/pdf/newresconst.pdf",
      "value": 1.427
    },
    {
      "boundary": "Authorization does not guarantee construction.",
      "category": "housing",
      "display": "1.367M",
      "freshness": "current monthly; preliminary",
      "id": "building-permits",
      "interpretation": "The forward-looking permit pace remained below a year earlier.",
      "label": "Building permits",
      "period": "June 2026",
      "released": "2026-07-17",
      "source": "Census Bureau and HUD",
      "unit": "seasonally adjusted annual rate",
      "url": "https://www.census.gov/construction/nrc/pdf/newresconst.pdf",
      "value": 1.367
    },
    {
      "boundary": "Pretax money income; excludes in-kind transfers and uses a 2024 reference year.",
      "category": "distribution",
      "display": "$83,730",
      "freshness": "latest annual income survey",
      "id": "median-income",
      "interpretation": "Median income was statistically unchanged from 2023 and 2019.",
      "label": "Real median household income",
      "period": "2024",
      "released": "2025-09",
      "source": "U.S. Census Bureau CPS ASEC",
      "unit": "2024 dollars",
      "url": "https://www2.census.gov/library/publications/2025/demo/p60-286.pdf",
      "value": 83730
    },
    {
      "boundary": "2024 observation; methodology differs from the official poverty measure.",
      "category": "distribution",
      "display": "12.9%",
      "freshness": "latest annual poverty survey",
      "id": "spm-poverty",
      "interpretation": "After-tax resources, transfers, housing and medical costs left roughly one in eight below the SPM threshold.",
      "label": "Supplemental Poverty Measure rate",
      "period": "2024",
      "released": "2025-09",
      "source": "U.S. Census Bureau CPS ASEC",
      "unit": "percent of people",
      "url": "https://www2.census.gov/library/publications/2025/demo/p60-287.pdf",
      "value": 12.9
    },
    {
      "boundary": "Annual household measure; differs from SHED's one-month adult food-insufficiency measure.",
      "category": "hardship",
      "display": "13.7%",
      "freshness": "latest annual USDA survey",
      "id": "food-insecurity",
      "interpretation": "18.3 million households experienced food insecurity at some point in 2024.",
      "label": "Food-insecure households",
      "period": "2024",
      "released": "2025-12",
      "source": "USDA Economic Research Service",
      "unit": "percent of households",
      "url": "https://www.ers.usda.gov/publications/113622",
      "value": 13.7
    },
    {
      "boundary": "Gross federal debt is not household debt and should be analyzed relative to GDP, revenue and maturity structure.",
      "category": "macro",
      "display": "$39.519T",
      "freshness": "current daily snapshot",
      "id": "federal-debt",
      "interpretation": "Federal debt continued to rise in nominal terms.",
      "label": "Total public debt outstanding",
      "period": "July 16, 2026",
      "released": "2026-07-20",
      "source": "U.S. Treasury Fiscal Data",
      "unit": "trillion dollars",
      "url": "https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny",
      "value": 39.519
    },
    {
      "boundary": "Includes nonprofits and is an aggregate stock, not the wealth of the median household.",
      "category": "macro",
      "display": "$183.0T",
      "freshness": "current quarterly",
      "id": "hh-np-net-worth",
      "interpretation": "Aggregate balance-sheet wealth remained near a record high.",
      "label": "Household and nonprofit net worth",
      "period": "Q1 2026",
      "released": "2026-06-11",
      "source": "Federal Reserve Financial Accounts (Z.1)",
      "unit": "trillion dollars",
      "url": "https://www.federalreserve.gov/releases/z1/current/recent_developments.htm",
      "value": 183.0
    },
    {
      "boundary": "Aggregate level; says nothing by itself about the median or lower half.",
      "category": "distribution",
      "display": "$174.010T",
      "freshness": "current quarterly",
      "id": "households-only-net-worth",
      "interpretation": "Households alone held about $174 trillion in net assets.",
      "label": "Households-only net worth",
      "period": "Q1 2026",
      "released": "2026-06-11",
      "source": "Federal Reserve Financial Accounts / FRED",
      "unit": "trillion dollars",
      "url": "https://fred.stlouisfed.org/series/BOGZ1FL192090005Q",
      "value": 174.01
    },
    {
      "boundary": "Ratio is sector-wide and heavily influenced by asset-owning households.",
      "category": "macro",
      "display": "7.81×",
      "freshness": "current quarterly",
      "id": "net-worth-income-ratio",
      "interpretation": "Aggregate wealth remained far above annual household-sector income.",
      "label": "Net worth to disposable income",
      "period": "Q1 2026",
      "released": "2026-06-11",
      "source": "Federal Reserve Financial Accounts (Z.1)",
      "unit": "multiple of annual disposable personal income",
      "url": "https://www.federalreserve.gov/releases/z1/current/recent_developments.htm",
      "value": 7.81
    },
    {
      "boundary": "Distribution is highly unequal; aggregate liquid assets do not establish household-level emergency capacity.",
      "category": "macro",
      "display": "$20.6T",
      "freshness": "current quarterly",
      "id": "liquid-financial-assets",
      "interpretation": "Liquid financial assets remained large in aggregate.",
      "label": "Deposits and money-market funds",
      "period": "Q1 2026",
      "released": "2026-06-11",
      "source": "Federal Reserve Financial Accounts (Z.1)",
      "unit": "trillion dollars",
      "url": "https://www.federalreserve.gov/releases/z1/current/recent_developments.htm",
      "value": 20.6
    },
    {
      "boundary": "Aggregate leverage can conceal severe borrower-level stress.",
      "category": "macro",
      "display": "$21.6T",
      "freshness": "current quarterly",
      "id": "hh-np-liabilities",
      "interpretation": "Sector liabilities were modest relative to aggregate assets.",
      "label": "Household and nonprofit liabilities",
      "period": "Q1 2026",
      "released": "2026-06-11",
      "source": "Federal Reserve Financial Accounts (Z.1)",
      "unit": "trillion dollars",
      "url": "https://www.federalreserve.gov/releases/z1/current/recent_developments.htm",
      "value": 21.6
    },
    {
      "boundary": "2022 survey dollars and family concept; not a newly observed 2026 balance sheet.",
      "category": "distribution",
      "display": "$192,900",
      "freshness": "latest full wealth survey",
      "id": "median-net-worth",
      "interpretation": "The middle family had positive six-figure net worth in the latest full wealth survey.",
      "label": "Median family net worth",
      "period": "2022",
      "released": "2023-10",
      "source": "Federal Reserve Survey of Consumer Finances",
      "unit": "2022 dollars",
      "url": "https://www.federalreserve.gov/publications/files/scf23.pdf",
      "value": 192900
    },
    {
      "boundary": "DFA estimate bridges surveys with quarterly aggregates; not direct household observation.",
      "category": "distribution",
      "display": "31.6%",
      "freshness": "current quarterly",
      "id": "top-one-share",
      "interpretation": "Nearly one-third of household wealth belongs to the top one percent.",
      "label": "Top 1% share of household net worth",
      "period": "Q1 2026",
      "released": "2026-06-18",
      "source": "Federal Reserve Distributional Financial Accounts / FRED",
      "unit": "percent of household net worth",
      "url": "https://fred.stlouisfed.org/series/WFRBST01134",
      "value": 31.6
    },
    {
      "boundary": "Aggregate for a percentile group; positive total does not imply every household has positive wealth.",
      "category": "distribution",
      "display": "$4.266T",
      "freshness": "current quarterly",
      "id": "bottom-half-level",
      "interpretation": "The entire bottom half held only a small fraction of household wealth.",
      "label": "Bottom 50% net worth",
      "period": "Q1 2026",
      "released": "2026-06-18",
      "source": "Federal Reserve Distributional Financial Accounts / FRED",
      "unit": "trillion dollars",
      "url": "https://fred.stlouisfed.org/series/WFRBLB50107",
      "value": 4.266
    },
    {
      "boundary": "Calculated from DFA group levels; rounding makes the share approximate.",
      "category": "distribution",
      "display": "2.45%",
      "freshness": "current quarterly",
      "id": "bottom-half-share",
      "interpretation": "Half of households collectively held about one-fortieth of wealth.",
      "label": "Bottom 50% share of household net worth",
      "period": "Q1 2026",
      "released": "2026-06-18",
      "source": "Federal Reserve Distributional Financial Accounts",
      "unit": "percent of household net worth",
      "url": "https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/",
      "value": 2.45
    },
    {
      "boundary": "Money income excludes taxes, in-kind benefits and wealth.",
      "category": "distribution",
      "display": "0.456",
      "freshness": "latest annual income survey",
      "id": "income-gini",
      "interpretation": "Money-income inequality remained high and ticked up from 2023.",
      "label": "Money-income Gini coefficient",
      "period": "2024",
      "released": "2025-09-09",
      "source": "U.S. Census Bureau / FRED",
      "unit": "Gini coefficient",
      "url": "https://fred.stlouisfed.org/series/GINIALLRF",
      "value": 0.456
    },
    {
      "boundary": "Official measure omits taxes, in-kind transfers and geographic housing-cost differences.",
      "category": "distribution",
      "display": "10.6%",
      "freshness": "latest annual poverty survey",
      "id": "official-poverty",
      "interpretation": "35.9 million people were below the official poverty line.",
      "label": "Official poverty rate",
      "period": "2024",
      "released": "2025-09-09",
      "source": "U.S. Census Bureau",
      "unit": "percent of people",
      "url": "https://www.census.gov/library/publications/2025/demo/p60-287.html",
      "value": 10.6
    },
    {
      "boundary": "Includes marginal attachment and involuntary part-time work; not comparable to U-3 without definition.",
      "category": "work",
      "display": "7.9%",
      "freshness": "current monthly",
      "id": "u6",
      "interpretation": "Broader labor slack was roughly double the headline unemployment rate.",
      "label": "Broad labor underutilization rate (U-6)",
      "period": "June 2026",
      "released": "2026-07-02",
      "source": "Bureau of Labor Statistics / FRED",
      "unit": "percent of labor force plus marginally attached",
      "url": "https://fred.stlouisfed.org/series/U6RATE",
      "value": 7.9
    },
    {
      "boundary": "Reported openings are not guaranteed hires and the series is revised.",
      "category": "work",
      "display": "7.594M",
      "freshness": "latest available monthly",
      "id": "job-openings",
      "interpretation": "Openings remained above old norms but far below the 2022 peak.",
      "label": "Job openings",
      "period": "May 2026",
      "released": "2026-07",
      "source": "Bureau of Labor Statistics JOLTS / FRED",
      "unit": "million openings",
      "url": "https://fred.stlouisfed.org/series/JTSJOL",
      "value": 7.594
    },
    {
      "boundary": "Self-reported reason and labor-force concept; excludes people outside employment.",
      "category": "work",
      "display": "4.7M",
      "freshness": "current monthly",
      "id": "part-time-economic",
      "interpretation": "Millions wanted full-time work but were working part time for economic reasons.",
      "label": "Part-time for economic reasons",
      "period": "June 2026",
      "released": "2026-07-02",
      "source": "Bureau of Labor Statistics",
      "unit": "million people",
      "url": "https://www.bls.gov/news.release/empsit.nr0.htm",
      "value": 4.7
    },
    {
      "boundary": "Concern is perception, not an observed layoff probability.",
      "category": "work",
      "display": "42%",
      "freshness": "latest annual survey",
      "id": "job-anxiety",
      "interpretation": "Subjective job anxiety rose even with moderate official unemployment.",
      "label": "Concerned about finding or keeping a job",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults; minor or major concern",
      "url": "https://www.federalreserve.gov/publications/files/2025-report-economic-well-being-us-households-202605.pdf",
      "value": 42
    },
    {
      "boundary": "New houses sold; not the median price of all existing and new homes.",
      "category": "housing",
      "display": "$410,700",
      "freshness": "current quarterly",
      "id": "median-home-price",
      "interpretation": "Nominal new-home prices remained near cycle highs.",
      "label": "Median sales price of houses sold",
      "period": "Q2 2026",
      "released": "2026-07",
      "source": "U.S. Census Bureau / FRED",
      "unit": "dollars",
      "url": "https://fred.stlouisfed.org/series/MSPUS",
      "value": 410700
    },
    {
      "boundary": "A housing-unit rate, not the share of people owning clear title or owning without a mortgage.",
      "category": "housing",
      "display": "65.3%",
      "freshness": "latest available quarterly",
      "id": "homeownership",
      "interpretation": "Roughly two-thirds of occupied homes were owner-occupied.",
      "label": "Homeownership rate",
      "period": "Q1 2026",
      "released": "2026-04",
      "source": "U.S. Census Bureau / FRED",
      "unit": "percent of occupied housing units",
      "url": "https://fred.stlouisfed.org/series/RHORUSQ156N",
      "value": 65.3
    },
    {
      "boundary": "An index level without a household-specific dollar rent; geographic experiences differ.",
      "category": "housing",
      "display": "441.741",
      "freshness": "current monthly",
      "id": "rent-index",
      "interpretation": "Contract rents continued rising even as monthly shelter inflation cooled.",
      "label": "Rent of primary residence CPI",
      "period": "June 2026",
      "released": "2026-07-14",
      "source": "Bureau of Labor Statistics / FRED",
      "unit": "index, 1982–84=100",
      "url": "https://fred.stlouisfed.org/series/CUSR0000SEHC",
      "value": 441.741
    },
    {
      "boundary": "Living with parents can reflect preference or support, not only housing unaffordability.",
      "category": "housing",
      "display": "49%",
      "freshness": "latest annual survey",
      "id": "young-with-parent",
      "interpretation": "Multi-generational co-residence reached nearly half of adults under 30.",
      "label": "Adults under 30 living with a parent",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults under 30",
      "url": "https://www.federalreserve.gov/publications/files/2025-report-economic-well-being-us-households-202605.pdf",
      "value": 49
    },
    {
      "boundary": "Borrowing available only to qualifying owners with equity.",
      "category": "debt",
      "display": "$446B",
      "freshness": "current quarterly",
      "id": "heloc-debt",
      "interpretation": "Home-equity borrowing continued expanding from its 2022 low.",
      "label": "Home-equity line balances",
      "period": "Q1 2026",
      "released": "2026-05-12",
      "source": "Federal Reserve Bank of New York",
      "unit": "billion dollars",
      "url": "https://www.newyorkfed.org/newsevents/news/research/2026/20260512",
      "value": 446
    },
    {
      "boundary": "Aggregate stock, not payment burden or borrower-level delinquency.",
      "category": "debt",
      "display": "$1.685T",
      "freshness": "current quarterly",
      "id": "auto-debt",
      "interpretation": "Auto debt continued rising with vehicle prices and financing costs.",
      "label": "Auto-loan balances",
      "period": "Q1 2026",
      "released": "2026-05-12",
      "source": "Federal Reserve Bank of New York",
      "unit": "trillion dollars",
      "url": "https://www.newyorkfed.org/newsevents/news/research/2026/20260512",
      "value": 1.685
    },
    {
      "boundary": "Credit-report balance coverage and policy-driven reporting changes affect comparisons.",
      "category": "debt",
      "display": "$1.658T",
      "freshness": "current quarterly",
      "id": "student-debt",
      "interpretation": "Balances were nearly flat; delinquency normalization was the sharper issue.",
      "label": "Student-loan balances",
      "period": "Q1 2026",
      "released": "2026-05-12",
      "source": "Federal Reserve Bank of New York",
      "unit": "trillion dollars",
      "url": "https://www.newyorkfed.org/newsevents/news/research/2026/20260512",
      "value": 1.658
    },
    {
      "boundary": "Flow rate, not current balance share; student-loan reporting changes matter.",
      "category": "debt",
      "display": "2.83%",
      "freshness": "current quarterly",
      "id": "all-debt-serious-flow",
      "interpretation": "Transition risk increased from 2.45% a year earlier.",
      "label": "Flow into serious delinquency, all debt",
      "period": "Q1 2026",
      "released": "2026-05-12",
      "source": "Federal Reserve Bank of New York",
      "unit": "annualized percent of balances",
      "url": "https://www.newyorkfed.org/newsevents/news/research/2026/20260512",
      "value": 2.83
    },
    {
      "boundary": "Aggregate ratio; distribution and underwriting differences are substantial.",
      "category": "debt",
      "display": "11.16%",
      "freshness": "current quarterly",
      "id": "debt-service",
      "interpretation": "Required payments took a little more than one-tenth of disposable income in aggregate.",
      "label": "Household debt-service ratio",
      "period": "Q1 2026",
      "released": "2026-06",
      "source": "Federal Reserve / FRED",
      "unit": "required payments as percent of disposable income",
      "url": "https://fred.stlouisfed.org/series/TDSP",
      "value": 11.16
    },
    {
      "boundary": "Approximate one-quarter share reported by the source; a perception measure.",
      "category": "households",
      "display": "≈25%",
      "freshness": "latest annual survey",
      "id": "national-economy-good",
      "interpretation": "Adults rated the national economy much worse than their own finances.",
      "label": "Rated the national economy good or excellent",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of adults",
      "url": "https://www.federalreserve.gov/publications/files/2025-report-economic-well-being-us-households-202605.pdf",
      "value": 25
    },
    {
      "boundary": "Subjective assessment among non-retirees, not a modeled adequacy ratio.",
      "category": "households",
      "display": "35%",
      "freshness": "latest annual survey",
      "id": "retirement-track",
      "interpretation": "Only about one-third believed their retirement saving was on track.",
      "label": "Non-retirees who think retirement savings are on track",
      "period": "2025",
      "released": "2026-05-13",
      "source": "Federal Reserve SHED",
      "unit": "percent of non-retirees",
      "url": "https://www.federalreserve.gov/publications/files/2025-report-economic-well-being-us-households-202605.pdf",
      "value": 35
    },
    {
      "boundary": "Different survey, question framing and population from SHED.",
      "category": "households",
      "display": "44.8",
      "freshness": "latest available monthly",
      "id": "consumer-sentiment",
      "interpretation": "Sentiment was deeply depressed despite majority positive self-assessment.",
      "label": "University of Michigan consumer sentiment",
      "period": "May 2026",
      "released": "2026-05",
      "source": "University of Michigan / FRED",
      "unit": "index, 1966:Q1=100",
      "url": "https://fred.stlouisfed.org/series/UMCSENT",
      "value": 44.8
    },
    {
      "boundary": "Annual household measure; post-2024 survey continuity is uncertain.",
      "category": "hardship",
      "display": "5.4%",
      "freshness": "latest annual USDA survey",
      "id": "very-low-food-security",
      "interpretation": "7.2 million households experienced severe food hardship.",
      "label": "Very low food security",
      "period": "2024",
      "released": "2025-12",
      "source": "USDA Economic Research Service",
      "unit": "percent of households",
      "url": "https://www.ers.usda.gov/topics/food-nutrition-assistance/food-security-in-the-us/key-statistics-graphics",
      "value": 5.4
    },
    {
      "boundary": "Calendar-2024 coverage; does not measure underinsurance or mid-2026 status.",
      "category": "hardship",
      "display": "8.0%",
      "freshness": "latest annual insurance survey",
      "id": "uninsured",
      "interpretation": "27.1 million people lacked insurance for the full year.",
      "label": "Uninsured for the full year",
      "period": "2024",
      "released": "2025-09-09",
      "source": "U.S. Census Bureau",
      "unit": "percent of people",
      "url": "https://www.census.gov/newsroom/press-releases/2025/income-poverty-health-insurance-coverage.html",
      "value": 8.0
    },
    {
      "boundary": "Current-dollar annualized flow, not household wealth or real living standards.",
      "category": "macro",
      "display": "$31.866T",
      "freshness": "latest completed quarter",
      "id": "nominal-gdp",
      "interpretation": "The economy's nominal scale continued expanding.",
      "label": "Nominal gross domestic product",
      "period": "Q1 2026",
      "released": "2026-06-25",
      "source": "Bureau of Economic Analysis / FRED",
      "unit": "seasonally adjusted annual rate",
      "url": "https://fred.stlouisfed.org/series/GDP",
      "value": 31.866
    },
    {
      "boundary": "Gross debt definition includes intragovernmental holdings; not a near-term crisis indicator by itself.",
      "category": "macro",
      "display": "122.6%",
      "freshness": "latest completed quarter",
      "id": "federal-debt-gdp",
      "interpretation": "The gross debt ratio remained high by postwar peacetime standards.",
      "label": "Federal debt to GDP",
      "period": "Q1 2026",
      "released": "2026-06",
      "source": "U.S. Treasury / BEA / FRED",
      "unit": "percent of GDP",
      "url": "https://fred.stlouisfed.org/series/GFDEGDQ188S",
      "value": 122.6
    },
    {
      "boundary": "Fiscal-year flow; not comparable to household borrowing or the gross debt stock.",
      "category": "macro",
      "display": "$1.775T",
      "freshness": "latest completed fiscal year",
      "id": "federal-deficit",
      "interpretation": "The federal government continued running a large annual deficit.",
      "label": "Federal budget deficit",
      "period": "FY2025",
      "released": "2025-10",
      "source": "U.S. Treasury / FRED",
      "unit": "trillion dollars deficit",
      "url": "https://fred.stlouisfed.org/series/FYFSD",
      "value": 1.775
    },
    {
      "boundary": "Interbank overnight rate; consumer borrowing rates include spreads and credit risk.",
      "category": "macro",
      "display": "3.63%",
      "freshness": "current daily series",
      "id": "effective-fed-funds",
      "interpretation": "Overnight policy conditions remained restrictive relative to the 2010s.",
      "label": "Effective federal-funds rate",
      "period": "July 16–22, 2026",
      "released": "2026-07-23",
      "source": "Federal Reserve H.15",
      "unit": "percent",
      "url": "https://www.federalreserve.gov/releases/h15/",
      "value": 3.63
    },
    {
      "boundary": "Market yield at a point in time; can move materially day to day.",
      "category": "macro",
      "display": "4.67%",
      "freshness": "current daily series",
      "id": "ten-year-treasury",
      "interpretation": "Long rates kept mortgage and business financing costly.",
      "label": "10-year Treasury yield",
      "period": "July 22, 2026",
      "released": "2026-07-23",
      "source": "Federal Reserve H.15",
      "unit": "percent",
      "url": "https://www.federalreserve.gov/releases/h15/",
      "value": 4.67
    }
  ],
  "thesis": "Most households are solvent; a large minority remains financially fragile."
}