Economy is Already Collapsing, Majority of Americans Believe

More than half of Americans think the U.S. has already entered a recession, new polling shows.

The latest IBD/TIPP Economic Optimism Index published on Friday found that 53 percent of Americans think the economy has gone into a recession, and 25 percent say they're unsure. Only 20 percent believe the country is not in a recession.

Even amid uncertainty, concerns have dramatically risen over the last month. Back in May, less than half of Americans—48 percent—said the economy was in a downturn while 23 percent said the U.S. was not in a recession.

Recession fears have surged in recent weeks, with inflation reaching a 40-year high last week and the Dow Jones Average falling below 30,000 for the first time in a year and a half on Thursday.