Problems with health insurance coverage led the trends that cloud the prospects for economic recovery, according to Consumer Reports Index for August.
The most common difficulties faced by Americans are inability to afford medical bills or medications (15.4 percent, down from 16 percent in July), missed payment on a major bill, not mortgage (10.2 percent, even with July); and lost or reduced healthcare coverage (9.7 percent, up from 8.9 percent in July).
Lower-income households, earning less than $50,000 a year, have been disproportionately affected.
In the past 30 days 27 percent low-income households have been unable to afford medical bills or medications, up from 22.9 percent in July; 17.5 percent missed payment on a major bill, not mortgage, up from 15.3 percent in July; and 15.2 percent lost or have reduced healthcare coverage, up from 12.5 percent in July.
There was, however, a decline in consumers missing mortgage payments to 2.4 percent from the recent high of 3.9 percent in June, as well as a drop in the proportion of Americans’ homes entering foreclosure (0.6 percent) following two months of increases.
Overall labor force activity has slowed in the past month with significantly fewer Americans claiming to have started a new job in the past 30-days, 5.9 percent versus 7.8 percent the prior month.
The Consumer Reports Index report is available at www.ConsumerReports.org.
