The U.S. economy has been in turmoil at best as consumers watched as the Federal Reserve raised interest rates 10 times in a row last year to keep inflation under control. Unsurprisingly, Americans are not too optimistic about their lives. financial future.
Financial services firm Northwestern Mutual surveyed 2,740 Americans on their expectations for the U.S. economy in the second half of 2023, and it’s clear that people are anxious. In fact, 67% of Americans expect the economy to enter a recession later this year, and 75% of them believe it will have a moderate or high impact on their long-term finances.
“Because of the coronavirus and the flood of money being pumped into the economy, it delayed the recession that might have happened,” said Kurt Rupprecht, a consultant at Northwestern Mutual. We are likely to experience a recession soon, although it will not be relatively severe and long-lasting.”
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While Ruprecht predicts a mild recession, especially compared with 2008, many Americans remain cautious about their own economy. financial This year. Here are four findings from the Northwestern Mutual survey that shed light on how Americans are coping with an uncertain economy.