The U.S. economy has been turbulent at best, as consumers watched the Federal Reserve try to control inflation with 10 consecutive interest rate hikes in the last year. Unsurprisingly, Americans aren’t too optimistic about their financial future.
Financial services company Northwestern Mutual surveyed 2,740 Americans on their expectations for the U.S. economy in the next half of 2023, and it’s clear people are anxious. In fact, 67% of Americans expect the economy to enter a recession later this year, with 75% believing it will have a moderate or high impact on their long-term finances.
