2/3 of Americans Expect a 2020 Recession

Written by Swiss America

recession 2530812 640Two-Thirds of Americans Anticipate a 2020 Recession -Fortune
"As long as American consumers - the lifeblood of the economy - keep spending away, recession speculation is unlikely to turn into reality. Maybe you shouldn't feel guilty for that $5 coffee after all? But this means we should keep a close eye on Americans spending habits and their personal economic outlook, especially when considering manufacturing is contracting.

That's why Fortune and SurveyMonkey teamed up to conduct a poll of more than 10,000 Americans. 66% of Americans think a recession will occur over the coming 12 months. 45% of Republicans think a recession will occur over the coming 12 months, compared to 84% of Democrats....'If not for consumer spending, we'd be in a recession... Consumer spending accounts for more than all of the growth in the economy. The rest of the economy is contracting,' says Scott Hoyt, head of consumer economic research at Moody's Analytics. In the third quarter, U.S. gross domestic product growth slowed to 1.9%, with key components like exports falling 5.7% and private investment down 1.5%. Yet consumer spending rose 2.9%."