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.