Most Americans see recession ahead

A majority of American —68% — believed that the United States is headed into a recession, according to a survey
APR 30, 2008
By  Bloomberg
A majority of American —68% — believed that the United States is headed into a recession in survey conducted by the American Institute of Certified Public Accountants of New York. The survey also found that 53% of Americans were cutting down on their spending and paying down debt as a result. The survey listed escalating energy costs, retirement and education as the most pressing economic concerns of Americans. Twenty-four percent of respondents said they were considering a second or part-time job to help them meet current expenses, marking a significant increase from last year, when 16% of respondents said they were contemplating this course of action. “Hard economic times tend to be a spur for people to curtail their spending and reduce their debt burden,” Carl George, chairman of the AICPA's National CPA Financial Literacy Commission, said in a statement. “Unfortunately, many Americans lack sufficient savings to provide a cushion during economic difficulties, as indicated by the number of people seeking part-time work.” A recession is defined by two consecutive quarters with a negative gross domestic product. The telephone survey was conducted among 1.026 Americans in March by Harris Interactive on behalf of the AICPA.

Latest News

Number of CFP professionals reaches new worldwide record
Number of CFP professionals reaches new worldwide record

The global body overseeing the CFP mark hails milestone year, with the US accounting for most of the 230,000 plus planners now holding the designation.

Ackerman promoted at Integrated Partners, Robertson Stephens strengthens board
Ackerman promoted at Integrated Partners, Robertson Stephens strengthens board

Some of this week's hires across the wealth and investment industry

Emergency savings dynamic shifts to positive for first time in three years
Emergency savings dynamic shifts to positive for first time in three years

More Americans have added to their savings than depleted them.

Muted week for stocks, bonds amid data, trade, conflicts
Muted week for stocks, bonds amid data, trade, conflicts

Some big headlines have made many investors cautious this week.

Dollar bets disrupted by Trump trade speculation
Dollar bets disrupted by Trump trade speculation

Traders see tariffs mostly as a bargaining tool.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.