US households believe the economy is in a recession, but why?

This is extremely concerning as consumption accounts for ~70% of GDP

59% of Americans believe that the world’s largest economy is currently in a recession, according to a July survey of 2,000 adults.

Another poll conducted by Guardian/Harris showed that 56% of households think the US is in a recession.

In other words, 3 out of 5 Americans think the economy is in a downturn.

As you probably have read in previous articles, this is not far from the truth despite the mainstream media claiming the opposite.

What is really happening with the US job market?

Can the Fed avoid a recession?

The goal of this article is to analyze further how the US consumer feels about the economy and why there is so much hardship for households these days.

THE UNIVERSITY OF MICHIGAN CONSUMER SENTIMENT IS AT LEVELS SEEN DURING THE GREAT FINANCIAL CRISIS