WisBusiness: Nick Novak Discusses Latest Economic Survey from Wisconsin Businesses

MADISON – Business leaders are feeling increasingly uncertain about the outlook for the state and national economy, according to the latest Wisconsin Manufacturers & Commerce survey.

“Heading into 2023 here, there is a lot of uncertainty from the business community,” WMC Vice President of Communications and Marketing Nick Novak said yesterday in an interview. “There’s concern that we will be headed into a recession this year at some point … and when you start to look at the numbers on economic optimism, or how they rate the economy, fewer and fewer businesses are expecting economic growth.”

While 42 percent of respondents expect moderate growth in the state economy over the next six months, 48 percent expect it to remain flat and 9 percent say it will decline.

When asked about the U.S. economy, the outlook was even worse. Just 1 percent expect to see “good growth,” while 24 percent expect moderate growth and 48 percent predict it will remain flat. And 26 percent expect the national economy to decline in the next six months.

Meanwhile, 60 percent of respondents predict the state economy will enter a recession this year, while 14 percent say it won’t. Another 25 percent were unsure.

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