MADISON (WKOW) — A new survey from Wisconsin Manufacturers and Commerce (WMC) shows 60% of employers are expecting a recession in 2023.
In the survey, only 39% of Wisconsin employers' confidence believe the economy is strong or very strong, which is down by 5% since WMC's summer survey and down 14% from a year ago.
Their confidence in the U.S. economy has also plummeted, with only 20% believing the national economy is strong -- a far cry from last year's 59%.
WMC says the survey shows uncertainty about the economy has "reinforced a pessimistic outlook" in Wisconsin employers. The number of businesses expecting the state economy to grow is down from last year's 84% to 42%. Only 25% expect U.S. economic growth over the next six months.
WMC says a contributing factor to this bleak view is record-high inflation that's barely let up. It reports 60% of businesses have seen costs increase by double-digits in the last year, down from last year's 67%.
85% of Wisconsin businesses are also struggling to hire, but despite this, 60% plan to increase their number of employees, and 84% plan to increase wages by 3% or more.
164 employers from a variety of Wisconsin businesses were surveyed. The survey happens twice a year.