A recent Politico poll showed that 65% of registered voters believe that the U.S. economy is in a recession, though economists are saying it isn't officially a recession right now.
Economics professor at Southern Illinois University - Carbondale Scott Gilbert joined KMOX to talk about what that means for people. He said that while economists look at a lot of specific factors to determine recession conditions, consumer's feelings are important.
"It's still true, though, that how people think and feel about the future is important. So economists monitor consumer confidence," Gilbert said. "They say, how confident are people about their next step about tomorrow about their income, about their ability to pay their bills next month, and producer competence?"
Gilbert also pointed out that the unemployment rate is still at a historic low.
"The percentage of people out there wanting a job, looking for a job, but cannot find one -- it's about 3.6%," he said. "And that's about as low as it's been in decades. So it's interesting, that one good thing."
As for interest rates, Gilbert said he's not exactly sure what will happen. The Federal Reserve is scheduled to meet a few more times this year, and a few things could happen.
"This hike hopefully is going to tamp down a little bit more than inflation," he said. "I think that the Fed will perhaps resist any more rate hikes unless it thinks that the economy continues to overheat, which may be the case."
Listen to the whole conversation from Total Information AM: