Almost two-thirds of Americans say a recession is likely in the next year and a majority believes the economy is already faltering, according to a Bloomberg/Los Angeles Times survey.
By 65 percent to 29 percent, Americans say they expect a recession, the poll found. Fifty-one percent say the economy is doing poorly, compared with 46 percent who say it is doing well, the gloomiest view since February 2003.
The negative sentiment on the economy contrasts with a June poll in which 57 percent of respondents said it was doing well. The pessimistic turn comes just before the Federal Reserve meets next week to decide whether to further reduce interest rates to try to head off a possible recession. The poll results square with the Reuters/University of Michigan consumer index, which showed confidence in October at its lowest ebb since August 2006.
“I’m starting to think there’s a good possibility of recession,” said poll respondent Roger Sharp, a retired procurement analyst in Milwaukie, Oregon. “The housing industry is driving the economy down and people are starting to get laid off from jobs that have been around for a long time,” said Sharp, 63, a registered Republican.