A majority of Americans feel there is either a recession underway, or there is one coming, according to a recent Maru Public Opinion Survey. A little over half report being stricter with their spending habits.
62% of the 1512 people polled say they feel a contraction is already underway. 19% more do not think one is underway, but a recession is on the horizon.
John Wright, executive vice president of Maru Public Opinion said, “Based on what they’ve seen, read, heard, or are personally experiencing, two-thirds (62%) of Americans think the country is currently experiencing a recession compared to four in 10 (38%) who don’t think that’s the case.”
Moreover, a little over half, 53% of respondents, say they have reduced spending in the last month, and set stricter spending priorities.
The recessionary perception is most strongly expressed in the South (67%), and Northeast (64%), and women are more likely than men to believe a recession has already begun according to the study.
The Midwest (44%) and the West (41%) are least likely to think the US is in a recession, compared to the overall number, 38%.
The country’s Gross Domestic Product, or GDP, contracted unexpectedly at a 1.4% annualized rate in the first quarter of the year. A recession is technically defined as two consecutive quarters of negative GDP growth.
As the Federal Reserve continues to tighten the monetary supply, investors hear about Elon Musk’s now famous “super-bad” feeling about the economy, and Goldman’s Jamie Dimon adds his warning about a hurricane bearing down on the economy, it seems many fear it is possible a recession may lie ahead.
