A recent survey has found that nearly three-fourths of Americans believe that the United States is still in a recession.
According to a CNN/Opinion Research Corporation Poll, approximately 74 percent of those surveyed said the economy is still in a recession, while 25 percent said the slump is over. Perhaps a sign that Americans may be gaining confidence, the percentage who believe the U.S. has not yet recovered from its economic woes is 13 points lower than in an August poll.
Last week, the National Bureau of Economic Research released a statement that indicated that the recession technically began in December 2007 and ended in June 2009. It was also the deepest downturn for the economy since the Great Depression.
According to a recent Economic Letter released by the Federal Reserve Bank of San Francisco (FRBSF), the likelihood of a double-dip recession is estimated to be 50 percent. Whether the economy tanks again or not, the FRBSF said that the recovery process is going to be sluggish.
"Conventional wisdom holds that severe recessions are typically followed by rapid recoveries," the letter read. "But more than a year after the end of the most severe recession since 1947, the recovery is proceeding at a tepid pace."