With all the surveys and outlooks, we went out to ask some of you how the gloomy news is affecting your spending.
Consumers are doing their best to control their cash.
Worries about the economy, might be keeping some cash registers, and wallets, closed.
"Shop less, spend less, I have three children it's hard," says Theresa Papio of Johnson City.
"Everything's getting expensive, you can't enjoy shopping anymore," says Michelle Torres of Endicott.
Here at the Oakdale Mall, shoppers are tightening their spending.
Like Johnnie Vaughn, who's preparing for the worst.
"I was born in what they call the depression years, and I had it drilled into my head as a child that 'be prepared, it's going to happen again, it's going to happen again," says Vaughn.
College student Margo Zodikoff says a local restaurant cut her work hours because of slow business.
"Are you saving more money at all?" "I'm trying to, school is really expensive so that's hard to manage, but I'm managing," says Zodikoff.
Marilyn Dunn and her husband are buying what they need, and giving up what they want.
"We don't spend as much on groceries as we would like, so, we don't take as many vacations as we'd like," says Dunn.
And for some that includes eating out.
At Rossi's Pizza in Johnson City, owner Rich Juodaitis says fewer customers are coming in, but thinks it's just the after-holiday sales lull.
"Sure it's a concern, but as long as you offer them a good product at a good price, which we try to do here at Rossi's, hopefully everything will be fine," says Juodaitis.
Juodaitis thinks it's a matter of time before consumers are again dishing out the dough.
Rossi's Pizza says its biggest worry is the rising costs of food like cheese and flour.
It's trying to deal with that while also keeping prices competitive.