Poll: Majority of Americans Believe Inflation Is Best Indicator of Recession

A majority of Americans surveyed think the best indicator of an economic recession is inflation, according to a recent Economist/YouGov poll.

Fifty-four percent of those questioned on the issue named “The prices of goods and services you buy,” while 20 percent said “The unemployment rate and job reports” was the best indicator.

When asked how likely it was there would be an economic recession during the next 12 months, 43 percent answered, “Somewhat likely.”

The poll was conducted from June 25 to the 28 with 1,500 respondents among whom were 1,359 registered voters. The margin of error was plus or minus 3.2 percent.

Meanwhile, inflation has continued hurting American citizens, Breitbart News reported Thursday, stating it has “slammed consumers’ sense of financial well-being and confidence in the economy”:

The University of Michigan’s widely followed survey of consumer sentiment produced its lowest reading on record in June. A Gallup Poll taken in June showed that 54 percent of Americans say economic conditions are poor—the highest share since 2009—and 85 percent say the economy is getting worse.  These are not outliers: AP-NORC poll showed that 79 percent say the economy is in poor condition. Fifty-eight percent of Americans say we are already in a recession.

In addition, the Personal Consumption Expenditure price index for food showed inflation has increased for approximately 11 consecutive months, Breitbart News reported Thursday.

The cost of food jumped 6.6 percent at the beginning of the year and eventually reached 10 percent in April.

According to the article, “The American Farm Bureau Federation recently reported that this year’s average cost for an Independence Day cookout is up by the most ever recorded and will be the most expensive on record.”

The price of fireworks also soared under President Joe Biden’s leadership prior to the Fourth of July holiday, per Breitbart News.

“Overall, the cost of fireworks is up 35 percent across the firework industry, according to an April report from American Pyrotechnics Association (APA), which represents the consumer firework industry,” the outlet said.