RALEIGH, N.C. (WTVD) -- The federal government released its GDP report and it shows the economy continues shrinking for the second consecutive quarter.
The Biden Administration and Federal Reserve won't declare a recession but there are fears that's where the economy is heading.
"It's scary considering the fact that I have children," said Raleigh resident Sharon McClain.
"It's definitely a more worrisome time, but we're very early on," said Clayton resident Mary Peuler.
"(I'm taking things) one day at a time. That's all I can do," said Raleigh resident Bernard Cook.
People remember what it was like back in 2008 and 2009 the last time the U.S. economy came crumbling down. Companies were laying off workers and neighborhoods were changing.
"A whole bunch of people (had) their homes go up for sale because they couldn't afford to make their mortgage payments," said Peuler.
"It was a struggle. I had family and everybody there to help, but it was a struggle," said McClain.
WakeMed psychiatrist Dr. Nerissa Price says the economy is a huge stressor for many people. It can worsen depression or even suicidal thinking.
"It is scary, so it's not people's imagination," said Price. "The worst thing you can have in these types of events is feeling alone. That's a bad path."
Price says it's important to lean on family and friends for temporary support, seek professional help if you feel yourself moving toward a mental health crisis, and know there's always light at the end of a tunnel.
"In 200 - we made it. And sometimes you have to remind yourself of all the recessions or depressions that have gone through that somehow our country continues and people continue, so you have to just remind yourself that we'll get through this as well," said Price.
She suggested focusing on what you can control, which could mean speaking with a financial advisor or diving into your budget and tweaking spending habits.
The financial news isn't all negative. Here in North Carolina, House Speaker Tim Moore said the state remains on "solid fiscal ground."
"For many North Carolinians, it already feels like a recession and has for a long time," Moore said. "Thanks to inflation, soaring prices at the gas pump and the grocery store, President Biden's failed economy has made it tougher for us to pay for everyday expenses and monthly bills.
"Redefining the word 'recession' to fit their narrative doesn't make the recession go away," Moore added. "And it certainly does nothing to help Americans whose paychecks are being stretched thinner and thinner. Thankfully, we have ensured that our state has remained on the same path of conservative spending that has put us on solid fiscal ground."