(WXYZ) — Opinions on the state of the economy vary, with some in Metro Detroit seeing stability and others feeling it's the worst it's ever been.
“Right now, I think things are pretty stable you know businesses are staying open, people are still hiring,” said retiree Dan Martin.
On Monday, stocks tumbled worldwide, sparking fears of a recession.
“I feel like the economy is the worst it’s ever been," said Donna Little.
Inflation, rent, and food prices are causing financial strain for some.
“Inflation is crazy. The rent is crazy. Food is crazy. Like I just spent $250 on, like, a week and a half worth of groceries," said mom of two Chardonnay Carter.
Economist Antonio Doblas-Madrid says it's too early to call it a recession, as the overall economic picture in the U.S. is mixed.
“Even in an economy that has a low employment rate, there are people that are struggling. Inflation hits different people very different,” said Doblas-Madrid.
He says, typically, it's labeled after the fact by The National Bureau of Economic Research (NBER) Business Cycle Dating Committee.They sometimes look at consecutive quarters of falling real GDP including labor market data.
“There isn’t a simple rule, it's kind of like a holistic view of the overall picture. It’s a little bit like a doctor that looks at a patient," said Doblas-Madrid.
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The most recent stock activity is linked to investors letting go of technology stocks and carry trades.
"Some of this decline may just be mean reversion going back to a rate of return that's more in line with historic norms. If the stock market was going up 30% per year, every year. That would be you know, too good to be true," said Doblas-Madrid.
He added that not every time the stock market falls there is a recession.
"It can be a false alarm," he added.
