As the economic landscape of the United States continues to shift in the wake of global and domestic pressures, understanding how Americans perceive and respond to these changes is more critical than ever.

This report marks the first wave in a bimonthly tracker designed to monitor public sentiment on the U.S. economy and its tangible effects on consumer behavior. Over the coming months, this series will provide valuable, timely insights into how attitudes evolve—and how those attitudes directly inform spending choices.

Why does this matter?

Economic sentiment is more than just a headline; it’s a powerful driver of actual behavior. When Americans feel uncertain about their financial future, they act accordingly—postponing purchases, reducing discretionary spending, and adjusting household budgets. These small decisions, multiplied across millions of households, ripple through the economy in significant ways. Tracking this evolving relationship between perception and behavior helps policymakers, businesses, financial institutions, and social researchers anticipate economic outcomes and craft responsive strategies.

This report is essential reading for policy analysts, business strategists, economists, nonprofit leaders, and journalists—anyone seeking a grounded, data-driven understanding of the mood of the American consumer and the financial pressures shaping their day-to-day lives.

Our findings reveal three key dynamics currently shaping economic behavior:

1. Economic anxiety is widespread. Americans report deep concerns about the U.S. economy, job market, cost of living, and their own financial stability. These concerns are not abstract—they are rooted in everyday experiences and growing financial strain.
2. Spending habits are shifting. As many households feel their income is not keeping pace with inflation and rising living costs, they are tightening their budgets. From groceries to entertainment, Americans are looking for ways to cut back.
3. Executive actions are hitting home. Recent executive orders have had a tangible impact on people’s lives: 15% of Americans say they’ve been personally affected, and 24% say a family member has. The most commonly cited experiences include job loss and cuts to government funding or support, indicating that policy decisions are not only political but deeply personal.

Shifting policies and unpredictability have left Americans uncertain and worried about their economic and financial future.

Four in five Americans are worried about the U.S. economy (78%), and the majority believe the U.S. is heading toward a recession (61%).

While the future of the U.S. economy is a concern for most Americans, they are not thrilled with the current state either. Three in five currently rate it as ‘very bad’ (15%) or ‘bad’ (42%).

Concern about the U.S. economy crosses party lines, with Americans from across the political spectrum expressing unease about the country’s financial direction.

While Democrats (91%) and Independents (82%) are the most likely to say they’re worried about the economy, a majority of Republicans (64%) also share that concern. In fact, two in five Republicans (41%) believe the U.S. is headed for a recession—a notable signal of rising apprehension even among those typically more optimistic about economic performance under Republican leadership.

Democrats, in particular, are sounding the alarm. Four in five (83%) say they believe a recession is on the horizon, pointing to a heightened level of economic anxiety that’s shaping how many Americans assess the future, regardless of political affiliation.

Americans feel okay or even good about their financial situation right now but worry about the future.

While Americans tend to view the national economy through a more pessimistic lens, they are somewhat more measured when evaluating their own financial circumstances. Just 26% rate their personal financial situation as bad or very bad, in stark contrast to the 57% who describe the U.S. economy in similarly negative terms. In fact, a plurality feel relatively stable: 42% say their financial situation is very good or good, while 32% land in the middle—describing their circumstances as neither good nor bad.

Yet beneath this more tempered self-assessment lies growing financial strain. Americans are feeling the pressure as the cost of living climbs. Three in four express worry about their cost of living (75%), while majorities say their income is not keeping pace with rising costs (60%), and worry about their overall financial situation (58%).

It’s not uncommon in survey research for people to downplay their own financial struggles—a subtle form of resilience, or perhaps reluctance. But the pain is still palpable. The disconnect between static incomes and escalating costs, paired with widespread economic anxiety, reveals a deeper truth: many Americans are not just concerned about the economy—they’re feeling it in their wallets.

Similarly, Americans generally feel good or ok about their employment situation but worry about the job market overall.

Only 15% of Americans rate their own employment situation or job stability as bad or very bad—a notably less pessimistic outlook compared to the broader labor landscape. In contrast, 42% express negative views of the U.S. job market overall, highlighting a clear gap between personal experience and national perception.

Despite relative confidence in their current roles, Americans aren’t immune to broader anxieties. Two in three (65%) say they’re worried about the job market at large, and just over half (53%) express concern about their ability to secure a new job if they needed to. The data points to a growing tension: while many feel steady today, there’s an underlying unease about what tomorrow might bring.

While expressing high levels of economic concerns, Americans are changing their spending behavior.

One of the clearest indicators of economic well-being lies in how people choose to spend—or not spend—their money. Today, a striking 81% of Americans report having taken steps to cut back on spending, signaling a widespread shift in financial behavior. These adjustments aren’t just personal—they’re a critical economic trend worth watching closely.

Over the past three months, Americans have made deliberate changes to manage their expenses. Among the most common: reducing trips to bars and restaurants (61%), budgeting grocery purchases more carefully (60%), and cutting back on extras and entertainment (57%). These are not just isolated decisions—they represent a broader mindset of caution and financial recalibration.

Another telling trend is emerging among investors. Among those with financial investments, one in four (26%) say they’ve divested some or all of their holdings in the past three months. Whether driven by market uncertainty, a need for liquidity, or shifting priorities, this behavior underscores the growing sense of worry about what lies ahead.

The recent wave of executive orders has not only made headlines—it’s had a tangible impact on American lives.

Since taking office on January 20, 2025, President Trump has signed hundreds of executive orders, many of which carry far-reaching implications for households across the country. According to the data, half of Americans (50%) report that they, a family member, or someone they know has been personally affected by these actions.

Among those reporting impacts, the most commonly cited consequences are significant: losing employment (32%) or experiencing funding cuts to programs they rely on or are involved with (33%). These figures underscore the reality that executive policy is not merely abstract or political—it’s deeply personal. For many, these orders have translated into abrupt disruptions in livelihood and essential resources.

Conclusion

As this first wave of our bimonthly tracker reveals, Americans are navigating a complex and often uneasy economic landscape—where personal resilience meets mounting financial pressure, and where perceptions of national decline coexist with cautious confidence in one’s own situation. Amid this uncertainty, people are adjusting their behavior, tightening their budgets, and bracing for uncertainty.

Worry about the U.S. economy, job market, and cost of living is widespread. A majority feel that their income is no longer keeping pace with rising expenses, prompting strategic cutbacks in daily spending and, for some, even divestment from investments. These aren’t theoretical shifts—they reflect real decisions made at kitchen tables across the country.

Importantly, recent executive orders are also making a direct and measurable impact on people’s lives, especially in the form of job loss and funding cuts. Americans aren’t just reading about policy changes—they’re living them.

In a moment defined by economic unease and shifting consumer patterns, staying attuned to public sentiment is not optional—it’s essential. This ongoing tracker will continue to monitor these trends in the months ahead, offering policymakers, business leaders, and advocates a clearer view into how Americans are feeling, coping, and adapting.

The economy isn’t just a set of numbers—it’s a lived experience. And we’ll be here every step of the way, capturing how that experience evolves

Methodology

This study was conducted by SSRS on its Opinion Panel Omnibus platform. The SSRS Opinion Panel Omnibus is a national, twice-per-month, probability-based survey. Data were collected from March 21 – March 24, 2025 among a sample of 1,031 panelists. The survey was conducted via web (n=1,001) and telephone (n=30) and administered in English (n=1,005) and Spanish (n=26). The margin of error for total respondents is +/-3.8 percentage points at the 95% confidence level. The design effect is 1.54. All SSRS Opinion Panel Omnibus data are weighted to represent the target population of U.S. adults ages 18 or older.

The SSRS Opinion Panel Omnibus is conducted on the SSRS Opinion Panel. SSRS Opinion Panel members are recruited randomly based primarily on nationally representative ABS (Address Based Sample) design (including Hawaii and Alaska). ABS respondents are randomly sampled by Marketing Systems Group (MSG) through the U.S. Postal Service’s Computerized Delivery Sequence File (CDS), a regularly-updated listing of all known addresses in the U.S. For the SSRS Opinion Panel, known business addresses are excluded from the sample frame. Additional panelists are recruited via random digit dial (RDD) telephone sample of cell phone numbers connected to a prepaid cell phone. This sample is selected by MSG from the cell phone RDD frame using a flag that identifies prepaid numbers. Prepaid cell numbers are associated with cell phones that are “pay as you go” and do not require a contract.

The SSRS Opinion Panel is a multi-mode panel (web and phone). Most panelists take self-administered web surveys; however, the option to take surveys conducted by a live telephone interviewer is available to those who do not use the internet as well as those who use the internet but are reluctant to take surveys online.