Most Americans Feel in Recession Despite Economists' Data
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Nearly 60% of Americans feel like the economy is in a recession, despite economists disputing that notion based on economic data like job growth and consumer spending.
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High inflation is eroding Americans' finances, causing them to spend more cautiously, take on debt, and drain emergency savings. Interest rates are also much higher.
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Americans are gloomier about the economy than the data suggests they should be. Experts are perplexed by the very low consumer sentiment despite the still-strong job market.
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While economists define recessions using specific criteria like declining GDP, Americans evaluate the economy based on how it impacts their personal finances.
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To rebuild finances, Americans should focus on controllable things like budgeting, saving, and earning more rather than macro conditions.