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China News Service, August 8. According to US media reports on the 7th, a latest survey shows that three-fifths of Americans surveyed believe that the US economy is currently in recession.

According to reports, about 2,000 Americans participated in the survey, which explored the reasons why consumers lack confidence in the U.S. economy. According to the survey, 68% of respondents believe that inflation and rising living costs are the primary reasons that make respondents believe that the U.S. economy is in recession.

In addition, reasons for the lack of confidence in the US economy include 36% of respondents finding that friends around them have cut spending, and 20% of respondents mentioned being unable to repay credit card debts.

The report said that overall, respondents who believe that the U.S. economy is in recession believe that the recession began 15 months ago, around March 2023. Respondents also believe that this situation will not disappear soon and say it may last until around July 2025. As a result, some Americans are beginning to worry about their financial prospects.

The survey also showed that nearly seven in ten (68%) Americans surveyed said current inflation has a negative impact on their future plans, including their ability to save and shop.

“With confidence in the U.S. economy at a low point, consumers are desperate for ways to gain control over their finances,” said Affirm senior vice president of product, Steve Kapoor.

The report said that the survey pointed out that Americans are adapting to the current economic environment by adjusting their budgets and paying flexibly. Almost all Americans surveyed (89%) said that having a predictable monthly budget is a top priority when managing their finances. In addition, 63% of Americans surveyed said they would like to know the total cost of purchases, including interest, in advance.

(Editor: Fu Zhongming)