Important Takeaways:

• The U.S. economy has remained remarkably strong even amid persistent inflation and high interest rates.
• And yet, 59% of Americans falsely believe that the U.S. is currently in a recession, according to a recent survey of 2,000 adults by Affirm in June.
• Citing higher costs and difficulty making ends meet, most respondents said they think a recession started roughly 15 months ago, in March 2023, and could last until July 2025, Affirm found.
• Still, regardless of the country’s economic standing, many Americans are struggling in the face of sky-high prices for everyday items, and most have exhausted their savings and are now leaning on credit cards to make ends meet.
• Economists have wrestled with the growing disconnect between how the economy is doing and how people feel about their financial standing.

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