Keystone Today

A recent Scott Rasmussen national survey found that nearly two-thirds of voters say the U.S. is in a recession as Pennsylvania mortgage rates continue to burden homeowners.

"Sixty-four percent (64%) of voters say the U.S. is currently in a recession. A Scott Rasmussen national survey found that just 17% say it is not, and 19% are not sure," pollster Scott Rasmussen reported on Ballotpedia.

One month ago Rasmussen conducted a survey as well, with 57% of respondents saying they felt the U.S. was in a recession. 

According to bankrate.com, as of September 30, a 30-year fixed mortgage in Pennsylvania is 6.81% and 6.02% for a 15-year fixed mortgage. Freddie Mac reported on Sept. 29 that uncertainty and volatility in financial markets has led to increased mortgage rates, as they have jumped 1.57% over the last five weeks. The average rate on a 30-year fixed rate mortgage is 6.7%, and Freddie Mac said that this is 3.69% higher than last year.

According to the most recent Scott Rasmussen Number of the Day survey, 73% of Americans said that over the past year their income has been falling behind inflation. This survey was done by Rasmussen from Sept. 15 to 17 with 1,200 registered voters.

The Senate Opportunity Fund surveyed 1,600 general election voters from around the country between Sept. 12 and 15. It found that 58% of Americans agree with the statement, “Democrats’ runaway spending, punishing regulations and attack on American energy is hurting the economy and forcing the country into a recession.” This included 52% of moderate voters. 

On September 13, the Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) data for the 12 months ending August 2022, which showed an 8.3% all items annual increase, representing a 0.1% rise from the month prior on a seasonally adjusted basis. 

According to the BLS, real average hourly earnings for all employees fell 2.8%, seasonally adjusted, from August 2021 to August 2022. The change in real average hourly earnings combined with a decrease of 0.6% in the average workweek led to a 3.4% drop in real average weekly earnings in the last year. 

The Bureau of Economic Analysis (BEA) reported that after declining at an annual rate of 1.6% in the first quarter of 2022, the gross domestic product (GDP) dropped 0.6% in the second quarter. This was according to the BEA third estimate for quarter two released on Sept. 29. The report indicates the nation’s economy is shrinking.

“The U.S. is already in a technical recession, and supply bottlenecks from the pandemic are lingering in key markets,” Business Insider said.