Here's one reason people hate this economy, despite low unemployment: A return of the misery index
CNN
This is the best labor market most workers have ever experienced in their lives. So why are so many Americans feeling gloomy about the state of the US economy?
The simple answer is inflation, as measured by the consumer price index, which is showing the fastest rate of price increases in nearly 40 years. To see how much economic pain that is causing, it's useful to look at another economic measure from that earlier era -- the misery index.
The misery index was created by Arthur Okun, a top economic adviser to President Lyndon Johnson. It became more widely known in the 1970s and early 1980s. It adds together two measures of economic pain -- the unemployment rate and the CPI's measure of inflation -- to create a single number. The lower the number, the happier consumers -- and voters -- were likely to be. The higher, the more unhappy.
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