Nearly 3 in 5 incorrectly believe US is in economic recession: Survey

A new survey finds that a majority of Americans incorrectly believe the country is in a recession.

harris poll, done for the Guardianfound that nearly three in five respondents say the U.S. is in a recession, even though experts say there hasn’t been a single recession since 2020. Ta.

A recession is defined as a period of negative economic growth for two or more consecutive quarters, and the National Bureau of Economic Research (NBER) determines when a recession occurs.

The NBER said the recent recession coincided with the beginning of the coronavirus pandemic and the U.S. has not been in a recession since then.

According to the survey, 55% of respondents believe the economy is shrinking, and 56% say the U.S. is experiencing a recession even though its gross domestic product (GDP) is growing. Ta.

Although 49% of respondents said the unemployment rate is at the highest level in 50 years, the actual unemployment rate is closer to its lowest level in 50 years, below 4%.

A majority of Americans blame President Biden for the economic situation. The Guardian reported that 58% of respondents said the economy has worsened due to his mismanagement.

The economy, especially inflation, is a serious issue for Mr. Biden as he seeks re-election. Voters consistently give him poor ratings on this issue.

67% of Republicans surveyed say the U.S. is in a recession, as do 53% of independent voters and 49% of Democrats.

The survey was conducted between May 10th and 12th among 2,119 adults.