A survey has found that 81% of U.S. adults are concerned about a recession occurring in 2021.

Americans are concerned that the economy may experience a sudden downturn after two years of the coronavirus pandemic, recession, and rapid recovery.

Nearly 81% of adults believe the U.S. economy will likely face a recession in 2022, according to a survey by CNBC + Acorns Invest in You, conducted by Momentive. The online poll of nearly 4,000 adults was conducted from March 23 to 24.

According to the survey, certain groups are more likely to anticipate a potential economic downturn than others. This includes Republicans, who are more likely to believe there will be a recession than Democrats, as well as those who perceive their financial situation as worse this year compared to last year.

What a recession means

According to the National Bureau of Economic Research, a recession is defined as a "significant decline in economic activity that is widespread and persists for an extended period of time beyond a few months."

The coronavirus pandemic caused the last recorded recession in 2020, resulting in widespread shutdowns and layoffs across the U.S.

Despite the pandemic, the U.S. economy has experienced a remarkable recovery, with the labor market regaining millions of jobs and approaching its pre-pandemic level. Moreover, wages have increased for numerous workers, including those in lower-paid jobs.

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Many economists are not overly worried about a recession occurring due to this reason.

According to Nick Bunker, economic research director for North America at the Indeed Hiring Lab, examining the labor market data at present does not suggest any signs of recession. Instead, there may be a slight slowdown, but this is only a transition from an extremely hot market to a still hot one.

Risks on the horizon

Despite the ongoing strength of labor recovery, other factors are affecting consumers.

The surge in the consumer price index in February, which was 7.9% on the year, has hit many Americans hard and could hinder the economic recovery. Prices have increased in various categories, including housing, food, and energy.

Robert Frick, corporate economist at the Navy Federal Credit Union, stated that inflation is the bogeyman for recoveries.

If prices continue to rise, people may reduce their spending, causing businesses to halt hiring. Meanwhile, the Federal Reserve plans to increase interest rates to control inflation, which will slow down the economy.

Bunker believes that this tool is blunt, and the central bank must exercise caution in cooling the economy to reduce prices without causing another recession in the U.S.

The ongoing conflict in Ukraine has led to an increase in fuel prices and is expected to have a lasting impact on the global economy. Furthermore, the recent inversion of the yield curve between the and has been a harbinger of recessions in the past.

Frick stated that this does not necessarily mean a recession is imminent.

He stated that out of all the concerns one might have, the inversion of the yield curve is not something to worry about.

What to do now

Although it may be premature for Americans to plan for a recession, they can still take proactive measures to improve their financial standing.

To maintain financial stability amid inflation, it is necessary to increase emergency and retirement savings, while also reducing expenses to control spending.

Frick advised taking a step back to assess the positives and negatives of the odds of recession, considering historical evidence. Although the risks are high and uncertainty is also high, the odds of recession are relatively low.

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