SUPERIOR – A majority of business owners surveyed by the Wisconsin Manufacturers and Commerce expect a recession in the next year.
The Wisconsin Employer Survey, which questioned 216 employers from around the state, found that business owners’ optimism about the economy has faltered since January. The survey also found nearly two-thirds of employers say inflation has driven up costs by more than 10%.
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Wisconsin Manufacturers and Commerce spokesperson Nick Novak said 71% of business owners anticipate a recession in the next 12 months.
“About 4-in-10 of those businesses said that they expect it to happen before the end of 2022,” said Novak.
Despite the pessimism, employers are still hiring. Novak said 85% of respondents report struggling to find enough employees and 46% of businesses plan on raising wages by 4% or more over the next year.
“Wisconsin businesses are going to be much more cautious over the next six months to a year as they’re seeing all of these signs pointing to a slowing economy,” said Novak. “I think that they are going to continue to try and hire as they need. But we may see hiring slow just a little bit, at least through the end of 2022, and it may slow even more in 2023, according to the Wisconsin Employers Survey.”
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