Economists and politicians might be talking about a recovery, but Americans are not so sure about it.
More than a third of those surveyed in a Bloomberg National Poll do not believe the recession has ended, despite six quarters of economic growth and improvements in other economic indicators. The National Bureau of Economic Research says the recession officially ended in June 2009.
About half fear the "rebound" could lapse back into a recession, and just one in seven Americans are convinced that the economic recovery will last. Almost half of respondents said they are worse off than two years ago.
Rising fuel costs are seen as a major cause of the sagging confidence as motorists shell out $50, $60 or more to fill up their tanks to shop or go to work.
The February unemployment rate of 8.9 percent was the lowest in 22 months, but job growth is slow. Companies added 1.3 million jobs out of the 8.7 million lost since January 2008.
Unemployment was the public's top priority, even ahead of the federal deficit.
The depressed housing market is also a concern. Four of 10 Americans say home values dropped in their neighborhood. The same number say prices have stabilized.
About 40 percent of respondents say they are spending more. A larger number said they were paying down debt or putting more in their savings, which creates a dilemma: The continued recovery depends on consumer spending, which will not expand as long as Americans lack confidence in their economic future.
Source: www.watertowndailytimes.com
More than a third of those surveyed in a Bloomberg National Poll do not believe the recession has ended, despite six quarters of economic growth and improvements in other economic indicators. The National Bureau of Economic Research says the recession officially ended in June 2009.
About half fear the "rebound" could lapse back into a recession, and just one in seven Americans are convinced that the economic recovery will last. Almost half of respondents said they are worse off than two years ago.
Rising fuel costs are seen as a major cause of the sagging confidence as motorists shell out $50, $60 or more to fill up their tanks to shop or go to work.
The February unemployment rate of 8.9 percent was the lowest in 22 months, but job growth is slow. Companies added 1.3 million jobs out of the 8.7 million lost since January 2008.
Unemployment was the public's top priority, even ahead of the federal deficit.
The depressed housing market is also a concern. Four of 10 Americans say home values dropped in their neighborhood. The same number say prices have stabilized.
About 40 percent of respondents say they are spending more. A larger number said they were paying down debt or putting more in their savings, which creates a dilemma: The continued recovery depends on consumer spending, which will not expand as long as Americans lack confidence in their economic future.
Source: www.watertowndailytimes.com
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