Results Indicate That Americans Are Becoming Increasingly Pessimistic About the State of the Economy as Consumer Confidence Dwindles
NEW YORK, July 6, 2022 /PRNewswire/ — A new Gold IRA Guide survey of 1,502 U.S. adults found that 70.5% believe that a global recession will occur this year. This marks a drastic increase from an early Bloomberg poll in May that found that only 30% believed that a recession loomed in the proceeding 12 months.
These landmark survey results indicate that U.S. consumer confidence is lower than expected and is continuing to decline in relation to earlier public opinion polling. With inflation at generational highs, unemployment rising modestly, and consumer sentiment on the decline, it could be that a recession will arrive sooner than experts previously predicted.
Survey Question & Findings
The survey asked a nationally representative, weighted sample of 1,502 U.S. adults aged 25
and over the following question:
“Do you think the global economy is headed into a recession this year?“
The results found that among all demographic groups, the “Yes” response garnered a majority of responses. Retirement-aged men (aged 65 and older) were the most likely to answer “Yes” whereas women aged 35 to 44 were the least likely to answer in the negative.
No meaningful differences were present between geographical regions, states, genders, or age groups. In each case, consumer sentiment leaned highly pessimistic, with every demographic group responding “Yes” with at least a simple majority.
Discussion
The survey was designed and published by GoldIRAGuide.com, a free personal finance education website. Responses were gathered from a nationally-representative sample, spanning every state in the United States, over a 24-hour period between June 23 to June 24, 2022, and were published on July 5th.
Writer and analyst Liam Hunt, one of the study authors, commented on the significance of the findings:
“These survey results indicate that U.S. consumer confidence is in freefall. Investor and consumer confidence is a self-fulfilling prophecy, in that a low confidence environment is more likely to bring about the economic conditions that made the consumer unconfident in the first place. Although analysts and market watchers, including Bloomberg Analytics, have forecasted a global recession by 2024, we could see an earlier recession if pessimism continues to propagate through the markets. Overall, today’s findings paint a grim picture of the global economic environment and bodes negatively for the short to medium terms.”
See the complete study results at:
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SOURCE Gold IRA Guide
Gold IRA Guide Photo by Mike Hindle on Unsplash
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