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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?

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

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  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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