As experts debate whether or not the U.S. is already in a recession, many Americans are bracing themselves for a downturn
Data released last week by the U.S. Department of Commerce only further stoked fears of a downturn, with gross domestic product declining for a second straight quarter, a traditional signal of a recession.speculation that a recession is already here, with President Joe Biden citing record low unemployment, among other factors.
At the start of the year, households were in good shape with excess savings and solid labor market gains. But then high gas prices and rising interest rates were piled on. If consumer spending pulls back, that could be a confidence shock, Pingle said. That could be prompted by households increasing precautionary savings as they worry about the future and postpone purchases.
Yet Allianz Life's recent survey found 65% of investors say they are keeping more money than they should out of the market now due to fears of losses. For Gen X, the biggest worry is that their income is not keeping pace with rising costs, cited by 75% of respondents, up from 68% in the first quarter.
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