While the stock market may be monitoring the possibility of an official economic recession, many Americans are already experiencing financial strain due to higher prices and borrowing expenses compared to a year ago.
A Morning Consult poll released last month revealed that nearly half of the respondents believed that the country was already in a recession, The Hill reported.
The poll also uncovered that approximately 41% of those surveyed had taken measures to bolster their savings, but there were discrepancies based on income.
Respondents from households with annual earnings exceeding $100,000 were more inclined than others to have started preparing for an economic downturn or recession, with 52% reporting that they had begun stockpiling goods or food, reducing expenses, or taking other measures.
In contrast, the poll found that those in households earning less than $50,000 annually were more likely to indicate that they had not yet taken any steps but wished they could.
These findings coincide with a growing sentiment among Americans that the economy is in a precarious state, with rising costs causing financial distress for people at all income levels.
Written by staff