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Poll: 70% of Americans believe U.S. economy in either recession or depression

Poll: 70% of Americans believe U.S. economy in either recession or depression
A Gallup poll relased Wednesday found that 70 percent of Americans believe the United States is in either a recession or a depression as hundreds of thousands of Americans have lost jobs amid shutdowns to prevent the spread of the COVID-19 outbreak. Photo by John Angelillo/UPI | License Photo

April 8 (UPI) -- Amid economic turbulence due to the COVID-19 outbreak, 70 percent of Americans believe that the U.S. economy is either in a recession or depression, according to a Gallup poll released Wednesday.

The survey, based on interviews conducted on April 3-5, found that 40 percent of Americans believe the United States is in a recession and 30 percent believe it is in a depression.

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Nine percent more U.S. adults believe the country is in an economic depression and 3 percent more believe it is in a recession from Gallup's previous report last week.

Democrats had the most pessimistic outlook on the economy as 85 percent said they believe the economy is in a recession or depression compared to 68 percent of independents and 53 percent of Republicans.

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The survey was conducted as the U.S. Department of Labor said the country lost 701,000 jobs in March and the unemployment rate rose to a historic low of 4.4 percent.

U.S. markets on Wednesday continued to rebound from COVID-19 woes as the Dow Jones closed up 780 points after White House health adviser Dr. Anthony Fauci said Wednesday that the United States should begin to experience a "turn around" in coronavirus cases this week.

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President Donald Trump on Tuesday also called for Congress to provide an additional $250 billion in funding for small business loans provided by the so-called Paycheck Protection Program established in a $2.2 trillion coronavirus response bill signed last month.

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The survey results were based on self-administered web surveys conducted with a random sample of 3,876 U.S. adults aged 18 and older, with a 3 percent margin of error at the 95 percent confidence level.

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