Most U.S. consumers believe recession is here

by Staff
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SCHAUMBURG, ILL. — Most U.S. consumers — 85% — believe the country is currently in a recession, and the U.S. consumer confidence in the economy has declined 17 points in recent months, according to a new survey by the Nielsen Co.

In addition, 35% of U.S. consumers consider the economy their biggest concern during the next six months.

"With high gas prices, food inflation and other economic pressures, it’s not a surprise that the economy is a top concern for many Americans," said David Parma, global head of customized research for The Nielsen Co. "Consumers have many reasons to feel pessimistic right now, and even if we’re not officially in a recession, consumers certainly feel like we’re in one."

Sixty-seven per cent of U.S. respondents are pessimistic of their local job prospects during the next year with 50% saying their prospects are "not so good" and 16% saying prospects are "bad."

Nielsen said the good news is more than half of respondents said their personal financial situation is "excellent" or "good," and only 36% of respondents said their financial situation is "not so good." U.S. consumers also are not entirely convinced a global recession will come about in the next year with 38% saying they don’t believe that will take place and 46% saying they don’t know what will happen.

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