Poll: 60% of Americans feel the economy is in recession and nearly half expect U.S. stocks to fall

Although the economic data released by the U.S. Bureau of Statistics show that the U.S. economy is recovering strongly, in the eyes of most Americans, the U.S. economic situation seems to be much worse.

Although the economic data released by the U.S. Bureau of Statistics show that the U.S. economy is recovering strongly, in the eyes of most Americans, the U.S. economic situation seems to be much worse.
The Guardian\’s Harris Poll shows that nearly three-fifths of Americans believe the United States is in a recession and nearly half expect U.S. stocks to fall this year.
At the same time, more than 60% of the respondents questioned the authenticity of economic news.
As the U.S. election day approaches, the American people\’s pessimism about the economy continues unabated.
This is not good news for Biden.
The survey shows that most respondents feel the \”temperature\” of the U.S. economy is much colder than the actual situation: 55% of respondents believe that the U.S. economy is shrinking and 56% believe that it is in recession; but in fact, the U.S. gross domestic product (GDP) Always growing.
49% of respondents believe the S&P 500 Index will fall this year; but in fact the index has already risen 24% in 2023 and more than 12% this year.
Many Americans blame Biden for the state of the economy, with 58% of respondents saying the economy is getting worse because of mismanagement by the president and his administration.
The most recent negative economic growth in the United States occurred in 2020 at the beginning of the COVID-19 pandemic.
The U.S. economy has grown significantly since then.
Unemployment is at historic lows and wages have been rising. Consumer spending has been strong.
However, this is not how the American people feel.
After experiencing the turbulence of high inflation and high interest rates, the American people are full of concerns about the current and future economic prospects of the United States.
U.S. consumer confidence fell to a six-month low in May.
So even though GDP numbers show a strong U.S. economy, there\’s a huge gulf between the statistics and how Americans actually feel about the economy.
Fifty-five percent of those surveyed in the poll believe the U.S. economy will only get worse.
This phenomenon is called \”vibecession\” by economists. The term was coined by economics writer Kyla Scanlon to describe people\’s widespread pessimism about the economy despite actual good economic statistics. The data can\’t dispel the pessimism.
The key to destroying the confidence of the American people is obviously still high inflation.
70% of respondents in the poll said their biggest economic concern was the cost of living; 68% said inflation was their top concern.

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