[pro_ad_display_adzone id="83620"]

Business survey shows recession risks elevated

Spread the love

The latest survey from the National Association for Business Economics found that more than half of respondents put the possibility of a recession over the next year at 50% or higher.
“The results … indicate widespread concern about entering a recession this year,” said NABE President Julia Coronado, founder and president of MacroPolicy Perspectives LLC. “For the first time since 2020, more respondents expect falling rather than increased employment at their firms in the next three months.”
The association’s Business Conditions Survey looks at the responses of 60 members from Jan. 4-11 on business conditions. It comes amid a wave of mass layoffs in the technology sector and despite continued optimism from the White House.
Respondents reported higher interest rates and costs as the biggest downside risks to their outlooks. Sixty-three percent of respondents reported rising wages over the past three months. That was unchanged from the October 2022 survey. They further reported that sales growth in the fourth quarter of 2022 was relatively unchanged from the previous quarter.
The Net Rising Index for sales — the percentage association panelists reporting rising sales minus the percentage reporting falling sales — in the fourth quarter of 2022 was 8, unchanged from the October 2022 survey. It is the lowest NRI for sales growth since the negative reading during the pandemic in the first half of 2020. The forward-looking NRI fell to 5 from 20 in the October survey, indicating weaker expectations for sales over the next quarter, according to the association.
“The survey results reveal an unevenness across indicators,” said NABE Business Conditions Survey Chair Carlos Herrera, chief economist for Coca-Cola North America. “Wages rose at a majority of respondents’ firms in the last three months of 2022 and more firms added workers than reduced headcounts. But far more firms than in the past three years reported falling profit margins.
“The panel suggests that inflation may be easing with the outlook for prices charged at its lowest reading since the October 2020 survey, overall,” Herrera said. “Materials costs have drifted down significantly since last July, and more respondents expect falling costs in the next three months.”
The survey comes on the heels of mass layoffs in several big-name tech businesses. Last week, Google’s parent company Alphabet laid off 12,000 employees. Microsoft laid off 10,000 employees. On Monday, streaming platform Spotify announced it was laying off 6% of its workforce. That’s about 600 employees.
President Joe Biden’s Press Secretary Karine Jean-Pierre said Tuesday that she wouldn’t speculate on why companies were laying off employees.
“Our economy is continuing to grow in a steady and stable manner as we have said,” she said during a news brief at the White House. “You just have to look at the economic data.”
The Consumer Price Index for All Urban Consumers declined 0.1% in December on a seasonally adjusted basis, after increasing 0.1% in November, the U.S. Bureau of Labor Statistics reported earlier this month. Over the last 12 months, the all items index increased 6.5% before seasonal adjustment.
“Layoffs remain near record lows according to job opening data,” Jean-Pierre said.

Spread the love
Vedette logo

Peotone Swears in New Officers; Approves Budget

By Andrea Arens The Peotone Village Board swore in two new part-time officers on March 13. David Garza from Beecher...
"Twins," by Lillian Sacks, a student at Bradley-Bourbonnais Community High School, is on display at the 33rd annual KCC High School Art Show. –Photo submitted.

Local Students Exhibit at 33rd Annual KCC High School Art Show

Students from 13 local schools have original artwork on display for the 33rd annual Kankakee Community College High School Juried...
Informational Meetings

Answering Frequently Heard Objections/Questions on Mental Health Tax Referendum

Kankakee County residents have an opportunity to vote on a sales tax referendum at the April 4 General Election. Voters...
Vedette logo

Peotone P & Z Recommends Board Approval for Rezoning on Wilmington Road

By Karen Haave Peotone Planning and Zoning officials are recommending village board approval for a zoning map change for a...
Vedette logo

Demolition Stalled on 206 N. Second

By Andrea Arens Everyone was watching for another building to get bulldozed downtown. Equipment was dropped Monday morning but, by...
Police DUI Checkpoint

Fatal Crash at Peotone-Wilmington Road and Rt. 45

The Manhattan Fire Protection District reported that on Sunday, March 19, at approximately 8:20 a.m., the Manhattan Fire Protection District...
Vedette logo

IGA for Village of Beecher and BFPD Not Going Anywhere Yet

By Jeff Vorva For now, the intergovernmental agreement between the Village of Beecher and the Beecher Fire Protection District is...
Peotone Village Hall logo

Peotone Village Board Candidate Meet & Greet

All Peotone Village Board candidates attended the meet and greet at Game On Bar & Grill...
Heart in hand icon vector

Scouts Collecting for Helping Hands

Last Saturday, Peotone Boys Scout Troop 315 distributed grocery bags, donated by Berkot’s, to all homes in the village, with...
Night Time Police Intervention

Monee Police Blotter: March 6 – 11

March 6, at approximately 11:30 a.m., officers responded to a theft report at a Ridgeland Avenue shipping yard. Big Blue...
Manteno’s Easter Egg Dash is April 1st.

Manteno Annual Easter Egg Dash!

The Village of Manteno will host its annual Easter Egg Dash for residents on Saturday, April 1, at Heritage Park....
Harbor House Logo

Harbor House Celebrates Women’s History Month

March is Women’s History Month, a nationally recognized time to celebrate women’s stories and highlight their contributions in history. Harbor...
Coach Carlile poses with former and current and softball players. Congratulations on your recent honor! –Photo submitted. Congratulations!

CUSD 5 Has Something to Celebrate!

Recently, Manteno School District 5 had some special news to celebrate. Here's what was happening in Manteno...

House Freedom Caucus hits back after White House comments, pledges spending cuts
House Freedom Caucus hits back after White House comments, pledges spending cuts
Former ComEd attorney points to political pressure in bribery case
Former ComEd attorney points to political pressure in bribery case
DEA issues public alert on fentanyl mixed with Xylazine
DEA issues public alert on fentanyl mixed with Xylazine
U.S. border data: 284 suspected terrorists apprehended so far in fiscal 2023
U.S. border data: 284 suspected terrorists apprehended so far in fiscal 2023
House passes bill prohibiting book bans
House passes bill prohibiting book bans
Blue Devil logo
Peotone Softball Looking Forward to a Great Season

[pro_ad_display_adzone id="83602"]

Michele King Soffer, (center) listens during a workshop at the Little Haiti Cultural Center with members of the Haitian community. Soffer is married to Donald Soffer, the developer of Aventura and the Turnberry Isle brand, and is of Haitian descent. She supports an orphanage in Haiti and is involved in the Ayiti Community Trust, which is seeking to raise $20 million for grassroots organizations in Haiti. (Jose A. Iglesias/el Nuevo Herald/TNS)

How a blond socialite found her Haitian roots and dedicated her life to an orphanage

Deduction targeted by GOP used by tax filers in most states

Backers hope Route 66 historic designation can drive tourism

Car recalls are at an all-time high, but 30% remain unrepaired

Palestinians vow to suspend talks if US closes PLO mission

Forget $700 juicers — this venture fund wants to help solve middle-class problems

US general says illegal nuclear launch order can be refused

FBI report on black ‘extremists’ raises new monitoring fears

AP sources: Trump Tower meeting in 2016 draws more scrutiny

Detroit priest known for his humility to be beatified

Sexual assault survivors along with their supporters at the #MeToo Survivors March against sexual abuse Sunday, Nov. 12, 2017 in Los Angeles. A march to CNN's headquarters in Los Angeles and a rally at the intersection of Hollywood and Highland Avenue in Hollywood were part of the events held. (Gary Coronado/Los Angeles Times/TNS)

The power of #MeToo: Why hashtag sparks ‘groundswell’ of sharing — and healing

Trump delays new policy on importing elephant parts

US puts Palestinians on notice: DC office may be shuttered

Lawyers: Former Atlanta fire chief fired for religious views

[pro_ad_display_adzone id="173324"]

[pro_ad_display_adzone id="83513"]