'Every household that doesn't have sufficient savings will be living on the edge when a recession arises, and in a sense, they're living on the edge even before a recession arises.'
The survey is the latest from Bankrate that shows many Americans are unprepared for a possible recession, even as concerns about an economic downturn rise.
Prior surveys from Bankrate and others have similarly raised concerns about the amount of savings that Americans have and noted that the lack of an economic buffer means a recession could be particularly damaging.that 40 percent of Americans wouldn't be able to pay a $400 emergency expense without selling something or borrowing money.a survey that found 28 percent of Americans have no savings and only 18 percent had enough savings to pay for six months of expenses.
Economic readings depict a relatively strong economy, although job growth slowed last month and consumer confidence dropped sharply in September, registering the biggest drop in nine months. The Conference Board, which issues the metric, said that President Donald Trump's escalation of the trade war with China was partly responsible for the drop. Still, unemployment was at 3.7 percent in August.
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