What the Latest eSNAP Data Really Shows About the U.S. Economy
New eSNAP figures reveal an economy that looks stable at the top level but is showing growing stress beneath the surface. While growth and employment remain strong, housing, inflation, and household fragility metrics tell a different story—one of rising pressure on everyday Americans.
The data is clear: the economy is stable, but not comfortable
The latest eSNAP Economic Health Index reads 62/100 (Moderate Risk).
On paper, that suggests a functioning economy — not booming, not crashing, simply steady.
But the component scores reveal the real story: the stability is uneven, and consumers are carrying the weight.
Strong growth and employment anchor the topline numbers
Two components are doing the most work to keep the overall index afloat:
- Growth: 75
- Employment: 70
A GDP expansion of 3.8% and a 4.4% unemployment rate reflect an economy that still creates jobs and produces output at a healthy pace. Companies continue hiring — not aggressively, but steadily enough to prevent a downturn.
If you only looked at these categories, you might think the economy is in excellent shape.
But the rest of the data refuses to support that conclusion.
Inflation and household costs are still squeezing consumers
Despite inflation cooling to 3.02%, the Inflation score sits at just 45, reflecting a simple truth:
Prices are no longer rising as fast — but they never went back down.
And the areas where Americans feel it most (rent, food, utilities) remain elevated. That pressure shows up clearly in the next two categories.
Housing remains the weakest part of the U.S. economy
The Housing score is 35, the lowest in the entire index.
A mix of:
- high home prices
- mortgage rates above 6%
- limited inventory
- rent burdens exceeding 30% for many households
…continues to keep both buyers and renters in a difficult position.
This is the clearest structural weakness in the economy — and the data shows no short-term improvement.
Debt and household fragility show growing stress
Two readings in particular show where Americans are feeling the strain:
- Debt: 50
- Household Fragility: 40
Credit utilization remains high, delinquencies are slowly rising, and the personal savings rate sits at just 4.6% — one of the lowest levels of the decade outside the pandemic period.
The index isn’t measuring collapse.
It’s measuring thin margins — households running with less cushion month after month.
Markets are stable but not leading the recovery
The Markets score (55) shows mild optimism but no clear direction. Investors are not signaling confidence in a strong breakout, nor fear of an imminent downturn.
The market is waiting for clarity.
Consumers, however, don’t have that luxury.
What the numbers tell us — without interpretation
If we let the data speak plainly:
-
The economy is growing and creating jobs.
Growth and employment are the two strongest pillars. -
Cost pressures are still present.
Inflation may be cooling, but Americans are not feeling relief. -
Housing remains a major structural problem.
This is the core weakness pulling the index down. -
Households are vulnerable.
Low savings + rising debt = rising fragility. -
Markets are neutral.
Investors are steady but cautious. -
The overall picture is stability with stress underneath.
The economy works — but it’s not comfortable for most families.
Bottom line
The latest eSNAP numbers do not show a crisis.
They show imbalance.
Strength at the macro level.
Strain at the household level.
That gap — between national stability and personal vulnerability — is the defining economic story heading into late 2025.