Poll: 57 Percent Believe U.S. Is in an ‘Economic Recession’

People shop for groceries at a supermarket in Glendale, California January 12, 2022. - The seven percent increase in the Labor Department's consumer price index (CPI) over the 12 months to December was the highest since June 1982, as prices rose for an array of goods, especially housing, cars and …
Robyn Beck/AFP/Getty Images; Inset: Anna Moneymaker/Getty Images

A majority of adult Americans believe that the United States is “currently in an economic recession,” according to an Economist/YouGov poll.

Of the 1500 U.S. adult citizens surveyed, 57 percent stated “yes” when asked if they “believe the United States is currently in an economic recession,” while just 19 percent said they do not think there is a recession. Another 24 percent were unsure. Most of the respondents who reported being Republicans and independents said they believe America is dealing with a recession, at 75 percent and 57 percent, respectively. Conversely, 43 percent of Democrats said a recession is currently happening.

Just over half of Americans (51 percent) said that the “prices of goods and services [they] buy” is the “best indicator” of a recession. “The unemployment rate and job reports” was the second most popular answer, garnering 21 percent of the response. Eleven percent believe the “stock market index” is the best sign of a recession, while five percent said their “personal finances.”

Just 16 percent of Americans view the economy’s condition as either “excellent” (three percent) or “good” (13 percent), while a majority of 51 percent categorized it as “poor.” Another 29 percent viewed it as “fair.”

Most of the poll participants (58 percent) said inflation has impacted them “a lot,” and 38 percent said it has affected them “a little,” whereas just four percent said it has not impacted them “at all.” Nearly seven in ten Americans (sixty-eight percent) categorized inflation and prices as a critically important issue, followed by 25 percent who called it a “somewhat important” issue. Only one percent of poll participants said it was not important at all.

The poll also gauged the importance of the stock market to U.S. adults, finding that 64 percent view it as either “somewhat” or “very important,” as 24 percent stated it was “not very important,” and 13 percent said it was “unimportant.”

When asked if they “approve or disapprove of the way” President Joe Biden is handling the economy, 51 percent of respondents expressed that they were unsatisfied, with a plurality of 40 percent “strongly” disapproving. Just 38 percent approved of Biden’s management of the economy.

The poll, sponsored by the Economist and conducted by YouGov, surveyed 1500 U.S. adult citizens, including 1345 registered voters, through online interviews from July 2-5. The margin of error among adults is plus or minus 2.9 percent, and the margin of error with the registered voter population is plus or minus three percent. Data reported in this article is from the 1500 U.S. adult respondents.

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