New Industry Survey Shows Wisconsin Businesses Worry About Recession

Thursday, January 26th, 2023 -- 1:00 PM

(By Joe Schulz, Wisconsin Public Radio) A new industry survey shows the majority of Wisconsin businesses worry the state is headed toward a recession, but economists are less certain.

According to Joe Schulz with Wisconsin Public Radio, Wisconsin Manufacturers & Commerce released the results of a survey of 164 employers from various industries last week.

The survey shows that 60 percent of businesses fear a looming recession, while inflation and the ongoing labor shortage are among employers’ top concerns. "Wisconsin businesses are clearly pessimistic about the economy," said Nick Novak, the association's vice president of communications.

"You have a majority of businesses believing that we're heading towards a recession, that's not a good thing." While businesses are worried about a possible recession, several factors could help the state fare better than America as a whole during an economic slowdown and even potentially avoid a recession altogether.

The survey also shows that companies are less pessimistic about Wisconsin’s economy than the national economy. Thirty-nine percent of employers said Wisconsin’s economy is strong, 57 percent said it was moderate, with only 4 percent calling it weak. Meanwhile, 20 percent said the national economy was strong, 62 percent said it was moderate and 18 percent said it was weak.

Wisconsin Economic Development Corp. Secretary and chief executive Missy Hughes said those numbers illustrate that Wisconsin’s businesses are concerned about national trends and headlines regarding a recession, but still feel good about their organizations.

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