🇺🇸📊 59% of Americans wrongly think the U.S. is in a recession, report finds

The U.S. economy has remained remarkably strong even amid persistent inflation and high interest rates.

And yet, 59% of Americans falsely believe that the U.S. is currently in a recession, according to a recent survey of 2,000 adults by Affirm in June.

Citing higher costs and difficulty making ends meet, most respondents said they think a recession started roughly 15 months ago, in March 2023, and could last until July 2025, Affirm found.

Officially, the National Bureau of Economic Research defines a recession as "a significant decline in economic activity that is spread across the economy and lasts more than a few months." The last time that happened was early in 2020, when the economy came to an abrupt halt.

Still, regardless of the country's economic standing, many Americans are struggling in the face of sky-high prices for everyday items, and most have exhausted their savings and are now leaning on credit cards to make ends meet.

Economists have wrestled with the growing disconnect between how the economy is doing and how people feel about their financial standing.

We're in a 'vibecession'

We're in a "vibecession," Joyce Chang, JPMorgan's chair of global research, said at the CNBC Financial Advisor Summit in May.

🔗 https://www.cnbc.com/2024/08/12/59percent-of-americans-think-the-us-is-in-a-recession-report-finds.html