WASHINGTON, D.C. -- Seven in 10 Americans now believe the U.S. economy is in either a recession (40%) or a depression (30%). The combined percentage has increased by 12 percentage points in the past week, and by 15 points since Gallup's first measurement in late March.
The latest results are based on April 3-5 interviewing in Gallup's ongoing tracking of the COVID-19 situation.
Economists usually determine the existence of a recession well after the downturn starts, so it is not yet known if the U.S. is officially in a recession the way it's typically defined. But the effects of the novel coronavirus and the steps taken to prevent its spread have convinced most Americans that the nation is already in a recession, if not a depression.
Compared with Gallup's prior report, there has been a nine-point increase in the percentage of U.S. adults who say the country is in an economic depression, and a three-point uptick in the percentage claiming it is in a recession.
Slight Majority of Republicans Now Say Economy in Recession or Depression
Americans' current assessments of the economy are strongly influenced by their partisanship, with Democrats much more pessimistic than Republicans.
Eighty-five percent of Democrats say the economy is in either a recession or depression, compared with 68% of independents and 53% of Republicans.
All party groups are more likely now than a week ago to say the economy has gone into a recession or depression. The largest increase, however, is seen among Republicans, jumping from 31% to 53%.
Compared with a week ago, there has been a 10-point increase in the percentage of Republicans who view the economy as in a recession and a 12-point increase in the percentage saying it is in a depression. Republicans' views have largely shifted away from seeing the economy as slowing down -- with 61% saying that a week ago compared with 44% now.
|March 27-29||April 3-5||Change|
|Gallup Panel, 2020|
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