Americans' Economic Hardships Decline, Report Shows

Consumers may slowly be making strides in their finances, according to a new study from Consumer Reports. The October Consumer Reports Index declined from 53.7 in September to 50.5 this month.

The study shows a drop in the percentage of consumers who are unable to afford medical care or prescriptions, dropping from 13.6 to 12.7 percent. Additionally, 8.7 percent of Americans reported missing a payment on a major bill during the month of October, down from 9.3 percent in September.

"Americans appear to be experiencing less financial woes, but the key factor continuing to depress consumers is weak employment growth," Consumer Reports National Research Center director Ed Farrell said. "The lack of real improvement on the jobs front will dampen any meaningful improvement in economic activity."

Despite the positive statistics, consumers are still in need of mortgage debt relief, as the percent of Americans who reported missing a home loan payment increased from 2.4 percent last month to 3 percent. Credit counselors have reported higher numbers of individuals seeking advice on debt reduction, savings and budgeting topics in recent months.