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CNBC Poll : 81% of Respondents Believe a Recession is Likely to Happen this Year

the staff of the Ridgewood blog

Ridgewood NJ, as previously reported on the Ridgewood blog ,the Consumer Price Index surged 7.9% in February . Prices are going up on everything from the food you put on the table to the gas that powers your car.

According to a new CNBC poll 48% of respondents are thinking about rising prices all the time .The CNBC + Acorns Invest in You survey was conducted March 23-24 among a national sample of 3,953 adults.

Three-quarters of the respondents are worried that higher prices will force them to rethink their financial choices in the coming months. Inflation is costing the average U.S. household an additional $296 per month, according to a Moody’s Analytics analysis. Experts expect it to get worse before it gets better.

So far , there hasn’t been a significant impact on consumer spending, although retail sales grew at a slower pace than expected in February.

The biggest area people have cut back on is dining out, with 53% saying they’ve done so, according to the survey. They are also driving less and canceling monthly subscriptions, among other things.

Fully 52% said they are under more financial stress than a year ago. They are most concerned about gas prices, housing costs and food costs. In the last year, gas spiked 38%, shelter rose 4.7% and food prices increased 7.9%.

Meanwhile, a bulk of Americans are unhappy with the response from the White House, with 61% disapproving of the way President Joe Biden is handling inflation. The current environment has a majority of Americans concerned about an economic recession, with 81% of respondents believing one is likely to happen this year.

3 thoughts on “CNBC Poll : 81% of Respondents Believe a Recession is Likely to Happen this Year

  1. Biden has been worse for the economy than a global pandemic. Fuel, food, and housing costs have gone through the roof. How much damage can one man do?

  2. And he has 3 more years. Way to go Brandon!

  3. You can see the Dems are getting really worried. They are now getting Obama to appear with Biden to try and make the old duffer look better.

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