 Elevated unemployment, which can cause a domino effect, including a loss of income and worse, is part of that picture. Over the past few years, we've been contending with the perception that recession risks have been elevated. That's been due to a number of factors, including high interest rates. A much feared recession did not materialize, but many Americans have equated their experience related to loss of buying power caused by inflation to recession. They're actually two different things.