And according to a survey last month from Boston Consulting Group, nearly 80% of investors anticipate a US recession will start some time within the next 12 months...and more than half of those surveyed think it will begin before the end of 2022.

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So if you believe that perception is reality, these numbers may matter just as much, if not more so, than actual data about job growth and the broader economy.

"People are preparing themselves for the fact that we are already in a recession now or that there is a high likelihood we will soon be in one," said Hady Farag, a partner and associate director at Boston Consulting Group.

The Federal Reserve will have to keep inflation fears in mind as it tries to balance aggressive rate hikes with worries that too much tightening will destroy growth.

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The Fed is expected to hike rates this month by another three-quarters of a percentage point, following a similarly supersized move in June.