It's the question everyone is asking: Are we about to enter a recession?
A tepid stock market, soaring inflation, and rising interest rates have left Americans less than optimistic about the state of the economy. Consumer sentiment has plunged to a record low, according to a University of Michigan survey released last week, fueled by frustration over high prices. Earlier in June, the consumer price index jumped to its highest level in 40 years. The government's primary inflation gauge saw prices surging 8.6% for the past 12 months.
About 79% of those consumers said they expected bad times for business conditions in the upcoming year, the highest level for that metric since 2009. The percentage of consumers who blamed inflation for eroding their living standards, 47% according to the June index, is only one percentage point lower than the all-time high reached during the Great Recession.
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