A new Wisconsin Manufacturers & Commerce (WMC) survey of Wisconsin businesses previewed a slow economic start to 2024, as only one-fifth of employers have a positive view of the state’s economy. According to the Wisconsin Employer Survey, 22% of businesses rank the Wisconsin economy as strong — a significant drop from 39% just six months ago and a steady decline from 58% in the summer 2021 survey.
The national economy performs even worse, however, with only 10% rating it as strong and 28% saying it is weak — up from 18% one year ago. This rating of the national economy is actually lower than the 12% of Wisconsin employers who rated the U.S. economy as strong in the summer 2020 survey, which was taken during the economic shutdowns that occurred in response to the COVID-19 pandemic.
On the other hand, businesses planning to raise wages by less than 3% grew to 24%, compared to 17% a year ago. The number of employers planning raises of more than 4% dropped from 34% a year ago to just 14% today.
Businesses are also still struggling to find workers. Seventy-two percent of respondents said they are having trouble hiring — though that is a drop from 85% 12 months ago.
