More than two-thirds of American households are preparing for a recession by taking steps to shore up their finances, including spending less and looking for better or more stable jobs, ahead of a possible downturn.
YouGov polled 2,605 adults on behalf of personal finance site Bankrate.com. Results showed that people had switched from a pessimistic reading to a more optimistic one.
There is a growing concern among U.S. consumers that the economy could be headed for a significant downturn due to a trade war with China and other macro factors.
Retail spending in the U.S. fell for the first time in seven months, pointing to a difficult end of year season for the industry.
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A recession is predicted to hit the world’s largest economy by the 2020 U.S. presidential election, according to a CNN Business report.
A recent UBS Global Family Office report showed that some of the world’s wealthiest families are stockpiling cash in anticipation of a full-blown recession that they believe will hit the U.S. economy by 2020.
Many economists, however, remain more sanguine about the global economic outlook, predicting that the recession is either not likely to happen or will not be as bad as anticipated.
