Most Americans expect a recession

Posted Nov 7th 2007 5:35PM by Jonathan Berr
Filed under: Forecasts, Next Big Thing, Economic Data, Politics, Federal Reserve

With the stock market tanking, record gold prices, record oil prices, and the housing market in crisis, it's not a shock that most Americans think a recession is coming in the next three to six months.

More than 45% of respondents to a survey conducted for Reuters by America's Research Group said a recession was "somewhat likely," while 14.3% thought it was "very likely." Another 40% didn't expect a recession at all.

Other highlights from the survey include:

46.8% of people who plan to spend more than $1,000 during the holiday season said nothing could make them spend less than they planned;
People were willing to pay more for U.S.-made toys; 66.9% said they wouldn't buy Chinese-made toys;.
70% of respondents said they planned to purchase gift cards.

To recap, very rich people aren't worried about the economy, but almost everyone else is. At least, that's the case for now. Consumer confidence is a pretty slippery thing. Once someone loses faith that things are going to get better, it's hard to get it back.

Tags: consumer confidence, consumer spending, ConsumerConfidence, ConsumerSpending, economy, federal reserve, FederalReserve, recession, The Fed, TheFed

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Reader Comments (Page 1 of 1)

11-07-2007 @ 7:22PM

Gregg said...

Huh, I thought we were already in a recession. In my home county in Florida, there is no doubt that we are in a recession. Get that idiot out of office and send our boys home from Iraq. Enough is enough. We need to spend the money at home instead of in the Middle East.

11-09-2007 @ 5:47PM

Alex Esguerra said...

Just the remember the power of minds and positive thinking. The sorrounding factors might be negative but ask for it from the universe and the more sooner it will come.

Although, we are all being factual, we should still put optimism to that fact the christmas will come, a new season of hope and joy.