If you’re a business owner, it’s lurking right around the corner, waiting to strike at a moment’s notice. We’re talking about a recession and 71% of Wisconsin business owners Expect it to hit soon.
Here’s Five Fast Facts About Wisconsin’s Recession Survey:
- 🥪Survey Says - A survey conducted by Wisconsin Manufacturers and Commerce at the end of June shows that 7 in 10 business owners in the Badger State expect that recession to hit in the next 12 months. Worse, 40% of them expect it to hit by the end of 2022.
- 🍗Strength Meter - Respondents are also pessimistic about strength of the state’s economy. Only 44% feel the economy is strong (down 14 points from 2021) and 47% said it was “moderate.”
- 🔪Growth Chart - They’re also not so sure about growth. Another 45% said they believe it will grow in the next six months and 55% believe it will remain flat or decline.
- 📃Inflatable - An unsurprising ⅔ of those surveyed said costs have gone up by more than 10% in the last six months, which is 20 points HIGHER than six months ago. Also, 60% said they don’t think inflation will be under control until at least 2024.
- 🥩Looking Up - The forecast is not all grim. Employers are still hiring! In fact, 85% said they’re struggling to find enough employees and 46% plan on raising wages 4% or more over the next year. Too many jobs is a good problem to have in the grand scheme.
🔥Bottom line: The old saying “all good things must come to an end” exists for a reason. Whether or not the respondents are just being pessimistic is yet to be seen, but after the chaos of the last 20 years, can you really blame them?
What do you think of the state economy? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!
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