Recession Survey: 41% of Workers Believe We're Already in a Recession

Amid growing speculation about whether the US is in a recession, a new survey reveals 41 percent of workers believe we are. 

The Conference Board survey also finds that businesses are already taking precautionary measures. Indeed, 36 percent of survey respondents say their company has already begun to restrict hiring to crucial roles, and 13 percent say layoffs have been conducted. Workers aren’t worried, however, with 80 percent feeling secure in their jobs. In fact, workers are more worried about a declining stock market than the possibility of losing their job. 

Key findings include:

• 41 percent of respondents think we are already in a recession.
• Businesses are already taking cost-cutting measures, including hiring restrictions and restructurings.
• Cost-cutting is not yet as severe as early COVID-19 measures.
• Despite cost-cutting measures, most workers feel secure in their jobs.
• For workers, a declining stock market trumps worries of losing their job.
• Recession worries vary by generation.
• Most workers believe they can weather an economic storm.
• The top response to a recession? Spend less. 

The latest workforce survey from The Conference Board polled more than 1,000 individuals—predominantly professional/office workers—from July 29-August 4. Respondents weighed in on recession expectations and fears, as well as what measures their businesses have taken. 

For more details, please see recession survey results.