Wisconsin Public Radio: Nick Novak Reveals Employers’ Concerns Over Potential Recession

MADISON – A new industry survey shows the majority of Wisconsin businesses worry the state is headed toward a recession, but economists are less certain.

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.”

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.

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