Nearly 69% of Americans are pessimistic about the country's economy, the highest level in 17 years.

The data comes from the latest CNBC economic survey, which shows that nearly 7 out of 10 people have a negative view of the economy. 2/3 of those polled say inflation is outpacing their wages, and the same number (2/3) believe the US will fall into or is already in recession.

62% of those polled say they disapprove of President Biden's handling of the economy, compared to 34% who approve of the president.

Biden's overall job disapproval rating rose to 55% from 53% in November, while his approval rating fell two points to 39% over the same period.

To cope with inflation, 80% of those surveyed said they had cut back on entertainment and travel spending, and for many with high-interest rates, the likelihood of buying a car or home is now very slim.

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