Why 3 in 5 Americans think the economy is in a recession
Three in five people believe that the U.S. is currently in a recession, even though we’re not in one officially, according to new research.
The survey of 2,000 Americans explored what’s driving this lack of consumer confidence in the economy. Inflation and the rising cost of living (68%) tops the list of reasons why respondents believe the U.S. is in a recession, followed by friends and family members complaining about money (50%).
Conducted by Talker Research on behalf of Affirm, the research found other reasons included noticing friends cutting back on spending (36%) and not being able to pay off credit card debt (20%).
On average, respondents who feel the U.S. is in a recession believe it started over 15 months ago, roughly in March of 2023. And they don’t expect it to go anywhere quickly — they believe this feeling will last until around July of 2025. As a result, some Americans are questioning their own financial futures.
The survey of 2,000 Americans explored what’s driving this lack of consumer confidence in the economy. Inflation and the rising cost of living (68%) tops the list of reasons why respondents believe the U.S. is in a recession, followed by friends and family members complaining about money (50%).
Conducted by Talker Research on behalf of Affirm, the research found other reasons included noticing friends cutting back on spending (36%) and not being able to pay off credit card debt (20%).
On average, respondents who feel the U.S. is in a recession believe it started over 15 months ago, roughly in March of 2023. And they don’t expect it to go anywhere quickly — they believe this feeling will last until around July of 2025. As a result, some Americans are questioning their own financial futures.