Americans expect ‘widespread unemployment or depression’ lasting years.
Only one in five Americans expects overall business conditions to be “very” or “somewhat” good over the next year, according to a survey for The New York Times. Sixty percent foresee “periods of widespread unemployment or depression” over the next five years.
The poll was conducted this month by the online research platform SurveyMonkey. The results are little changed from a month earlier, and may even reflect a slight decline in outlook, signaling that the incipient reopening of businesses and federal and state political moves to deal with the coronavirus pandemic have had little impact on confidence.
That outlook could have serious implications for the economic recovery. If Americans fear that their jobs are in jeopardy or that business will remain slow, they may be less likely to spend even if their finances are stable.
Among those who have kept their jobs and their hours, more than 80 percent say their finances are at least as good as a year ago, and most are confident that their finances will remain steady over the next year, even as they worry about the broader economy.
But for those who have lost their jobs, it is a different picture. Many are skeptical that they will quickly find new work. Two-thirds say their finances have taken a hit, and most don’t expect their situation to improve over the next year.
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