Survey: Firms expect job cuts in ’23 amid recession fears

A survey of national economists found that more businesses now expect job reductions at their firms and to spend less on expansions for the first time since the pandemic, according to a report from the Associated Press.

The survey also shows that business owners are still concerned that the Fed’s decision-making could push too hard on the economy and potentially put the U.S. into a recession this year.

The January survey by the National Association for Business Economics found that its respondents put on average a reading of -7 on how much they plan to hire at their firms, down from previous reading of +8 in October, when NABE did its previous survey.

However, due to inflation, the survey shows that businesses still expect to pay higher wages for the workers they are holding onto.