A new survey revealed 71% of Wisconsin businesses believe that the state's economy will enter a recession within the next 12 months.
Wisconsin Manufacturers & Commerce (WMC) recently released its Wisconsin Employer Survey. The survey is conducted twice a year by WMC. WMC said they conducted the survey over the last three weeks of June and the data focused specifically on the economy.
The most recent survey found four in 10 of those surveyed expect a recession before the end of the year.
According to the survey, 44% of respondents said Wisconsin's economy was strong, which is a 14 point drop from one year ago. Forty-seven percent said the economy was moderate and 9% found it weak. As for the national economy, only 26% of Wisconsin businesses believe the U.S. economy is strong. Half said it was moderate and 27% rated it weak.
According to WMC, a year ago, 84% of Wisconsin employers said the state economy would grow. In the winter 2022 survey, it dropped from 84% to 65%, and today it now sits at 45%. The survey goes on to show that 55% believe Wisconsin's economy will either remain flat or decline over the next six months.
Three in 10 Wisconsin companies believe the U.S. economy will grow over the next six months, highlighting state businesses' concern with the national economy. Thirty-nine percent believe the national economy will decline.
As for inflation, the survey shows two-thirds of state businesses have seen their costs go up by more than 10% in the last six months. WMC says this is 20 points higher than six months ago when less than half saw double-digit price hikes. Six in 10 Wisconsin businesses said they don't think inflation will be back under control until 2024 or later.
You can read the full survey by clicking here.