A Federal Reserve survey published Monday found that Americans are already becoming nervous about their country’s economic health.

According to the Fed’s Annual Survey of Household Economics and Decisionmaking, 24% of respondents thought that national economic conditions are good or very good in 2021. It was 26% lower than in pandemic-scarred 2019, and 50% less than in 2019.

The 48% of those rated their local economies positively was also 48% in 2018, a slight improvement over the 43% for 2020, but still a significant decline on 2019’s 63%.

This survey was conducted between October and November using interviews with more than 11,000 people.

Inflation had already begun to heat up by that time, and the consumer price index rising 6.8% in NovemberFrom the same moment in 2020 onwards, 8.5% peak in March 2022. Additionally, the first quarter growth was measured as follows: gross domestic product declined 1.4%This is the first negative result since the outbreak of the pandemic in the first quarter 2020.

Although they expressed concern about the slowing economy, many households report a strong financial situation. A total of 78% reported they were either doing well or living comfortably. It is the highest percentage in a survey dating back to 2013. This area saw a 13 percent increase in low-income families, which jumped from 53% to 53% between 2020 and 2021.

A similar 68% percentage said they would be able to pay $400 in cash or with a creditcard, a new record. While the percentage of respondents saying that they were financially less fortunate than one year ago dropped by 4 percentage points, it is still significantly more than 2019, which was 14%.

This survey was well in advance of Fed moves to slow down the economy with interest rate hikesInflation was high in 2021, and it has continued to rise this year. The central bank stopped its monthly bond purchases, and it will reduce its $9 trillion holdings in June.

Another survey, released Monday by the New York Fed, showed that there was a decline in government support for social programs.

Congress authorized more than $5 trillion worth of assistance since the pandemic. The expectations for increasing welfare benefits and unemployment benefits fell from their respective peak of 49% in April 2021 and 45% respectively to 35%, 26% and 1 year later.

The survey respondents also expressed decreasing expectations regarding housing assistance and student loans programs. It was also less likely that the federal minimum wage would rise from 50 percent in April 2021, to 39% now.