NEW Fox News articles can now be heard on audio! According to a study on CNN on Monday, 72% of economists think that the United States is either now in a recession or is about to do so. Reporter Matt Egan shared this information on “CNN Newsroom With Ana Cabrera,” which contrasts with the network’s efforts to portray the economy as solid.
Egan highlighted a study that the National Association of Business Economics carried out. In this survey, there is a lot of pessimism, he claimed.
“Look at this: 19% of Americans believe that the US economy is already in a recession. That is the astounding number. Additionally, many more believe that in the upcoming quarters, totaling 53% “He went on.
According to a recent poll, the majority of voters think the US economy is currently in recession.
“Together, 72% feel the U.S. economy is either in a recession or headed there very soon,”
He warned the audience that “investors, too,” are concerned, not just economists.
The CNN reporter also mentioned how people’s “paychecks are decreasing” due to inflation, meaning that they can buy less with the same money.
According to J.P. Morgan strategists, the Federal Reserve will increase interest rates by another 0.75 percent in September in an effort to reduce inflation to the two percent target set by Congress for the Fed. Prices increased by 8.5 percent in July over the same month last year.
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While higher interest rates are meant to lower inflation, they actually do so by decreasing consumption and increasing borrowing. While a result, property prices have decreased as mortgage interest rates have increased. This is as a result of consumers finding it more challenging to obtain mortgage loans, which reduces demand and lowers costs.
Many people also attribute higher gas and electricity prices on the long-term climate agenda of American and European governments, which restricted domestic oil output.