Business

Nearly 3 in 5 incorrectly believe US is in economic recession: Survey

by Lauren Irwin - 05/22/24 1:08 PM ET

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{***Denise Valdez***} CONDO AND TOWNHOME PRICES IN SOUTHERN NEVADA REACHED AN ALL-TIME HIGH IN APRIL AND SINGLE FAMILY HOMES HAVE PRICED MANY OUT OF THE MARKET. [Anchor:KIRSTEN] {***Kirsten Joyce***} EXPERTS SAY THE COST IS BEING DRIVEN UP BY A MYRIAD OF THINGS.. INCLUDING LOW INVENTORY AND CASH INVESTORS. SO WHAT'S THE FUTURE LOOK LIKE? HEATHER MILLS EXPLORES SOME OPTIONS. [TAKE PKG OUTCUE:STD ITEM TIME:2:34] {***PKG***} [Anchor:HEATHER] {***Heather Mills***} (ON CAM INTRO HEATHER WIDE CITY SHOT SOMEWHERE) THE AMERICAN DREAM... HOME OWNERSHIP. BUT IN SOUTHERN NEVADA.. ABOUT 40 PERCENT OF HOMES.. ARE RENTALS... AND AS HOME PRICES CONTINUE TO CLIMB.. THAT DREAM IS FURTHER AWAY FOR MANY. {***Heather Mills***} (PKG) MORE THAN TWO POINT THREE MILLION PEOPLE LIVE IN CLARK COUNTY... AND SOUTHERN NEVADA CONTINUES TO ENTICE NEW RESIDENTS. [TAKE SOT] {***SOT FULL***} <> (Clip 1296 3:09-3:17 Irwin) "I think what makes Las Vegas really attractive for folks is it's still an in-demand area. We're still seeing an inflow of people moving into the area. There's still a lot of jobs." {***Heather Mills***} BUT THAT ATTRACTION ALSO LURES IN INVESTORS... (see bill text) AND HAS DRAWN THE IRE OF LAWMAKERS WHO'VE SPONSORED LEGISLATION TO TAKE WALL STREET OUT OF MAIN STREET. HOWEVER NIC IRWIN.. THE RESEARCH DIRECTOR AT UNLV'S LIED (LEED) CENTER FOR REAL ESTATE SAYS *ONLY ABOUT 15 PERCENT OF RENTAL HOMES IN SOUTHERN NEVADA ARE OWNED BY CASH INVESTORS WITH MULTIPLE UNITS... [TAKE SOT] {***SOT FULL***} <> (Clip 1296 18:13 Irwin) "It's really attractive, an all cash offer." {***Heather Mills***} HE SAYS BY TAKING AN OWNER OCCUPIED HOME OFF THE MARKET AND TURNING IT INTO A RENTAL.. HOME PRICES CAN GO UP BECAUSE OF LOWER INVENTORY. CONVERSLY THOUGH.. [TAKE SOT] {***SOT FULL***} <> (Clip 1296 4:04 Irwin) "You're getting more rental units, and potentially more rental units could mean lower rental prices." (Clip 1296 4:21-4:25 Irwin) "So it depends on which side you look at, it could be good or bad." {***Heather Mills***} ULTIMATELY IRWIN SAYS THE BIGGEST ISSUE IS TOO MANY PEOPLE AND NOT ENOUGH HOUSING." station="" title="" feed="" html_embed="true" no_pr="false" disable_muted_autoplay="false" expect_preroll="true" json_feed="" class="" /]

A majority of Americans wrongly believe the country is in a recession, a new survey found.

A Harris Poll, conducted for The Guardian, found that nearly 3 in 5 respondents say the U.S. is in a recession, even though experts say there hasn’t been one since 2020.

A recession is defined as a period of negative economic growth for two consecutive quarters or more, though the National Bureau of Economic Research (NBER) makes the call for when one is occurring.

The NBER said the most recent recession coincided with the start of the COVID-19 pandemic, and the U.S. hasn’t been in one since.

The survey found that 55 percent of respondents believe the economy is shrinking, and 56 percent say the U.S. is experiencing a recession despite the country’s gross domestic product growing.

Forty-nine percent of respondents say unemployment is at a 50-year high, though it’s actually close to a 50-year low at less than 4 percent.

A majority of Americans blame President Biden for the state of the economy. Fifty-eight percent of respondents said the economy is worsening due to his mismanagement, The Guardian reported.

The economy, and particularly inflation, is a serious problem for Biden as he fights for reelection. Voters consistently give him low marks on the issue.

Sixty-seven percent of Republicans in the survey say the U.S. is in a recession, while 53 percent of independent voters and 49 percent of Democrats say the same.

The survey was conducted May 10-12 among 2,119 adults.

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Tags Bidenomics COVID-19 pandemic Joe Biden Recession