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Most Americans expect a recession

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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.

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Last updated: July 06, 2009: 01:35 PM

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