Majority of Americans think US in recession: poll

NEW YORK - A majority of Americans think the US economy is in a recession, Newsweek reported Wednesday, quoting the latest IBD/TIPP survey.

The survey found 58 percent of Americans think the country is in a recession, up from 48 percent in May and 53 percent in June.

The poll also found just under two in 10 Americans (19 percent) say their wages have kept pace with inflation, while more than half (54 percent) said they have not.

It is up to academics at the National Bureau of Economics (NBER), a private nonprofit organization, to officially determine if the United States is in a recession, which it defines as a period of "significant decline in economic activity that is spread across the economy and that lasts more than a few months."

"While it's unlikely the NBER will make an official determination any time soon, the survey underscores how the public's perception of the economy is at odds with that of President Joe Biden's administration, which could prove damaging in the midterm elections in November," said the report.

The Labor Department has sought to reduce concerns that a recession is imminent, reporting on Friday that 372,000 jobs were added to the economy in June, while the unemployment rate remained at 3.6 percent, it added.