While the US economy isn’t technically in a recession, a majority of Americans believe it is, new research has found.
A recent Bankrate poll found that 59 percent of US adults feel as if the US economy is in a recession.
About the same percentage of those in lower-income households (60 percent of those earning less than $50,000 a year) and higher-income households (61 percent of those earning $100,000 or more a year) said they believe they They feel that the American economy is in a recession. In recession, according to the poll conducted from October 26 to 30.
The definition of recession used appears to be different from the definition used by economists or business leaders.
A majority of Americans believe the US economy is in a recession, according to a new study
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“Most Americans don’t look at the economy in terms of the definition of recession that economists or business leaders would use,” said Mark Hamrick, chief economic analyst at Bankrate.
“They view the performance of the economy as they see it relative to their personal situations.”
A recession is widely known to be two consecutive quarters of negative GDP growth, although this is not the official definition.
The National Bureau of Economic Research (NBER) declares a recession in the United States.
The National Bureau of Economic Research’s definition emphasizes that a recession involves a significant decline in economic activity that spreads throughout the economy and lasts for more than a few months.
In addition to GDP, the NEBR takes into account other economic indicators, such as employment.
Federal Reserve officials are scheduled to meet today to discuss whether to change interest rates.
The Fed is expected to hold interest rates, which are at a 22-year high, and is likely to expect cuts next year.