News

Survey: Americans’ pessimism on economy has grown

Survey: Americans’ pessimism on economy has grown

CONSUMER CONFIDENCE: Seventy-one percent of Americans surveyed say the recession put a permanent drag on the economy. Photo: Associated Press

WASHINGTON (AP) — Despite many signs of a business recovery including improved hiring, Americans are more worried about the economy than they were right after the Great Recession.

A survey released by researchers at Rutgers University says that this pessimism exists despite record Wall Street gains and a host of upbeat economic indicators.

Seventy-one percent of Americans surveyed say the recession put a permanent drag on the economy. In contrast, Rutgers researchers found in a similar survey in November 2009 that only 49 percent thought the downturn would have lasting damage.

That earlier 2009 survey was conducted five months after the recession officially ended.

And when the 2009 survey was undertaken, national joblessness was at 9.9 percent of the labor force, compared to the current 6.2 percent.

The survey says people’s confidence in the economy has been eroded by the slow pace of improvement during the recovery.

Recent Headlines

2 hours ago in National

Consumers flexing their muscles

Fresh
shopping

U.S. consumer spending regained momentum in January as households ramped up purchases of a variety of goods, in a hopeful sign that economic growth was picking up after slowing to a crawl at the end of 2015.

3 hours ago in Sports

Kobe to headline All-Star Sunday

Updated
22-overlay-8

Kobe Bryant has spent a career tormenting the Toronto fan base and now he is set to entertain it as the NBA's All-Star Weekend descends on Canada for the first time and welcomes Bryant for his swan song.

3 hours ago in Sports

NASCAR revises green-white-checkered finish rule

nascar

NASCAR has announced that it is shifting to an unlimited green-white-checkered finish format when late-race cautions come out.

3 hours ago in Sports

Oakland Raiders to stay put for 2016 season

carroakland

Officials for the Oakland Raiders said on Thursday that they have reached a one-year lease extension agreement, keeping the team in the San Francisco Bay Area city for the upcoming National Football League season.

3 hours ago in Sports

Arsenal to face MLS All-Star team in California in July

arsenelsanchez

English Premier League (EPL) giants Arsenal will face the best of Major League Soccer in the MLS All-Star game in San Jose, California this summer.