Most Americans Think There’s A Recession Or A Recession On The Way, Poll Shows
The majority of Americans think the United States is in a recession or heading into a recession, according to a recent Maru Public Opinion poll compiled for Yahoo. Just over half of respondents now say they are stricter with their financial habits.
The poll of 1,512 people shows that 62% believe the country is already in a period of contraction. Another 19% think the country is heading towards one.
“Based on what they’ve seen, read, heard, or personally experienced, two-thirds (62%) of Americans believe the country is currently in a recession, compared to four in 10 (38%) who don’t think it is the case,” says John Wright, executive vice president of Maru Public Opinion.
Additionally, half (53%) of Americans say they have personally set stricter priorities and reduced spending in the past month, according to the survey.
Those most likely to believe the United States is currently in a recession are most likely to reside in the South (67%) and Northeast (64%). According to the study, women are more likely than men to believe that the United States is already in a recession.
The people most likely to believe that the United States is not currently in recession (38%) are in the Midwest (44%) and the West (41%).
A recession is defined as two consecutive quarters of negative growth in gross domestic product, or GDP. The country’s GDP unexpectedly contracted at an annualized rate of 1.4% in the first quarter of this year.
The GDP reading serves as a look back at the economy, capturing the period from January to March. As the Federal Reserve continues to tighten monetary policy, economists are predicting the possibility of a coming recession.
This week, Tesla CEO Elon Musk ordered a worldwide hiring halt, citing a “super bad feeling” about the economy. Musk also aims to cut 10% of the electric vehicle giant’s workforce, according to an email seen by Reuters. His comments came just days after JPMorgan CEO Jamie Dimon warned of a coming economic “hurricane” as the Federal Reserve continues its process of interest rate normalization.
Ines is an equity market reporter. Follow her on Twitter at @ines_ferre
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