Consumers are definitely feeling the effects of ongoing economic anxieties, detailed in our latest economic sentiment reading. As a result, concerns about an impending recession have been steadily high over the past several months. CivicScience data show that almost 90% of Americans express some level of concern about a recession in the near future.

Nearly half of U.S. adults believe the U.S. is already in a recession (45%) – a number that has increased seven percentage points since early summer. Alternatively, there has been a five percentage point increase in the number of people who think a recession is unlikely to happen anytime soon. 

On a similar note, the Fed’s interest rate hikes are becoming increasingly unpopular among Americans. More than half of Americans believe they will have a negative impact on the economy (53%), which is up 15 percentage points from May 2022.

Not to mention, more than 80% of U.S. adults say they are very or somewhat concerned about interest rates right now.

Due to increased economic concerns, such as rising prices, consumers are reducing / planning to reduce spending in nearly all major categories. This includes groceries, household items, gas, and travel. 

CivicScience will continue to track how Americans feel the effects of the current economic climate. Check back in weekly for updates.