For two straight quarters in 2022, the U.S. economy shrank.
While economists are not yet ready to say the word, most Americans are worried about a recession.
A new survey by Bankrate said 69 percent of Americans are worried a recession will start before the end of 2023, and 41 percent said they feel unprepared to handle an economic downturn.
On a positive note, 74 percent said they have taken steps to prepare. Forty-seven percent of Americans are spending less on discretionary purchases, 35 percent are saving more for emergencies and 30 percent are paying down on credit card debt. Twenty-four percent are searching for stable income to weather a recession, while 19 percent are saving more for retirement.
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Rebecca Barnabi
