Half of Americans agree that the U.S. economy is in a recession, despite the Biden administration’s dismissal, a recent Suffolk University/USA TODAY survey found.
Half of Americans agree the U.S. economy is in a recession, despite the Biden administration’s dismissal, a recent Suffolk University/USA TODAY survey found.Half, or 50.40 percent, agree that the U.S. is in an economic recession, compared to 18.30 percent who believe the economy is in a state of stagnation. Another 15.90 percent believe the U.S. is experiencing a depression. Less than ten percent, 9.20 percent, say the U.S. economy is in a state of recovery.
The survey coincides with Thursday’s economic report, which found U.S. Gross Domestic Product shrinking 0.9 percent in the second quarter of a year. A shop displays a sign announcing reduced store hours due to a staff shortage, on July 29, 2022 in Arlington, Virginia. The U.S. economy contracted for a second straight quarter between April and June, government data showed Thursday, adding fuel to recession fears in a headache for President Joe Biden ahead of midterm elections. to indicate a recession:
The economy contracted by 1.6 percent in the first quarter. Many Americans consider two straight quarters of recession to be the marker of a recession. Economists, however, rely on the determination of the National Bureau of Economic Research to say when a recession starts. The NBER has a more complex and subjective definition of recessions and typically does not declare a recession until several months after it has begun.
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