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Fed Claims Many US Families ‘Felt Excluded’ From Economic Progress in 2015

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At least 46 percent of US citizens said they would not be able to pay the cost of $400 in an emergency, according to the US Federal Reserve.

WASHINGTON (Sputnik) — Many families in the United States have continued to face financial difficulties and perceived themselves as being excluded from economic progress last year, the US Federal Reserve said in a report on Wednesday.

"American families overall reported continued mild improvement in their financial well-being in 2015 although many families were struggling financially and felt excluded from economic advancement," the report stated.

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The Federal Reserve noted that 46 percent of US citizens said they would not be able to pay the cost of $400 in an emergency. In addition, 46 percent of people who encountered unexpected medical expenses in 2015 still owe money, according to the report.

However, 69 percent of US adults have said they are "living comfortably," an increase of 4 percent from 2014.

On May 12, the US Department of Labor said the number of applications for unemployment benefits in the United States has increased by 20,000 in the week ending on May 7, reaching the highest level for initial claims since February 2015.

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